Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,488/mo
Lowest payment- Down payment
- $40,547
- Funds due
- $55,948
- Interest + MI left
- $345,103
- First ends
- Jun 2052
New loan
New conventional
$4,357/mo
+$869/mo- Down payment
- $59,000
- Funds due
- $70,315
- Interest + MI left
- $805,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $549,453 | $531,000 |
| Second mortgage | — | — |
| First P&I | $2,913.86 | $3,676.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $574.16 | $574.16 |
| Total housing payment | $3,488.02 | $4,356.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,547
Closing costs & prepaids$15,401
Usable credit−$0
Total buyer cash needed$55,948
Earnest money paid−$0
Remaining funds due$55,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,747.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$942.50
Initial HOA (3 months)$279.99
Prepaid interest, first (1 days)$62.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$105,887Through Nov 2026
Assumption only · ends Jun 2052$345,103
New conventional · ends Dec 2056$805,297