Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,158/mo
Lowest payment- Down payment
- $15,595
- Funds due
- $28,592
- Interest + MI left
- $389,136
- First ends
- Sep 2052
New loan
New conventional
$3,339/mo
+$181/mo- Down payment
- $43,500
- Funds due
- $53,198
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,405 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,608.20 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $549.92 | $549.92 |
| Total housing payment | $3,158.11 | $3,338.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,595
Closing costs & prepaids$12,998
Usable credit−$0
Total buyer cash needed$28,592
Earnest money paid−$0
Remaining funds due$28,592
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,097.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,028.75
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$132.83
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 closing25 yr 10 moOf the original 30-year loan at 5.780%
Interest already paid$104,335Through Nov 2026
Assumption only · ends Sep 2052$389,136
New conventional · ends Dec 2056$593,736