Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,414/mo
Lowest payment- Down payment
- $28,373
- Funds due
- $42,363
- Interest + MI left
- $412,602
- First ends
- Nov 2052
New loan
New conventional
$3,658/mo
+$243/mo- Down payment
- $46,000
- Funds due
- $56,608
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $431,627 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,705.86 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $708.25 | $708.25 |
| Total housing payment | $3,414.11 | $3,657.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,373
Closing costs & prepaids$13,990
Usable credit−$0
Total buyer cash needed$42,363
Earnest money paid−$0
Remaining funds due$42,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,158.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,300.75
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$139.30
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 5.890%
Interest already paid$104,821Through Nov 2026
Assumption only · ends Nov 2052$412,602
New conventional · ends Dec 2056$627,859