Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,144/mo
Lowest payment- Down payment
- $24,749
- Funds due
- $40,660
- Interest + MI left
- $515,526
- First ends
- Nov 2052
New loan
New conventional
$4,463/mo
+$319/mo- Down payment
- $58,999
- Funds due
- $70,740
- Interest + MI left
- $805,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $565,241 | $530,991 |
| Second mortgage | — | — |
| First P&I | $3,464.00 | $3,676.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $680.33 | $680.33 |
| Total housing payment | $4,144.33 | $4,463.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,749
Closing costs & prepaids$15,910
Usable credit−$0
Total buyer cash needed$40,660
Earnest money paid−$0
Remaining funds due$40,660
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,899.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,826.20
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,376.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$175.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing26 yrOf the original 30-year loan at 5.660%
Interest already paid$132,069Through Nov 2026
Assumption only · ends Nov 2052$515,526
New conventional · ends Dec 2056$805,284