Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,452/mo
Lowest payment- Down payment
- $0
- Funds due
- $17,991
- Interest + MI left
- $328,353
- First ends
- Apr 2052
New loan
New conventional
$5,076/mo
+$624/mo- Down payment
- $59,900
- Funds due
- $73,283
- Interest + MI left
- $817,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $652,719 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,216.63 | $3,732.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $1,235.83 | $1,235.83 |
| Total housing payment | $4,452.46 | $5,076.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,991
Usable credit−$0
Total buyer cash needed$17,991
Earnest money paid−$0
Remaining funds due$17,991
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,263.59
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,497.50
Initial HOA (3 months)$1,710.00
Prepaid interest, first (1 days)$61.70
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$108,833Through Nov 2026
Assumption only · ends Apr 2052$328,353
New conventional · ends Dec 2056$817,581