Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $35,147
- Funds due
- $47,779
- Interest + MI left
- $258,624
- First ends
- Jun 2052
New loan
New conventional
$3,249/mo
+$612/mo- Down payment
- $42,490
- Funds due
- $52,017
- Interest + MI left
- $579,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,753 | $382,410 |
| Second mortgage | — | — |
| First P&I | $2,111.98 | $2,647.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.48 |
| Taxes, insurance & HOA | $524.33 | $524.33 |
| Total housing payment | $2,636.31 | $3,248.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,147
Closing costs & prepaids$12,632
Usable credit−$0
Total buyer cash needed$47,779
Earnest money paid−$0
Remaining funds due$47,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,948.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$583.00
Initial HOA (3 months)$540.00
Prepaid interest, first (2 days)$93.43
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 7 moOf the original 30-year loan at 4.375%
Interest already paid$78,688Through Nov 2026
Assumption only · ends Jun 2052$258,624
New conventional · ends Dec 2056$579,950