Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,557/mo
Lowest payment- Down payment
- $9,525
- Funds due
- $25,810
- Interest + MI left
- $236,943
- First ends
- Apr 2052
New loan
New conventional
$4,534/mo
+$977/mo- Down payment
- $55,000
- Funds due
- $67,350
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $540,475 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,548.91 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $1,008.00 | $1,008.00 |
| Total housing payment | $3,556.91 | $4,534.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,525
Closing costs & prepaids$16,285
Usable credit−$0
Total buyer cash needed$25,810
Earnest money paid−$0
Remaining funds due$25,810
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,702.37
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,375.00
Initial HOA (3 months)$1,149.00
Prepaid interest, first (2 days)$90.33
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 5 moOf the original 30-year loan at 3.050%
Interest already paid$79,940Through Nov 2026
Assumption only · ends Apr 2052$236,943
New conventional · ends Dec 2056$750,701