Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,423/mo
Lowest payment- Down payment
- $46,873
- Funds due
- $62,030
- Interest + MI left
- $337,733
- First ends
- Jun 2052
New loan
New conventional
$4,210/mo
+$787/mo- Down payment
- $54,990
- Funds due
- $66,368
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,027 | $494,910 |
| Second mortgage | — | — |
| First P&I | $2,738.63 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $684.50 | $684.50 |
| Total housing payment | $3,423.13 | $4,210.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,873
Closing costs & prepaids$15,157
Usable credit−$0
Total buyer cash needed$62,030
Earnest money paid−$0
Remaining funds due$62,030
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,515.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$803.50
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$121.83
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 7 moOf the original 30-year loan at 4.420%
Interest already paid$102,569Through Nov 2026
Assumption only · ends Jun 2052$337,733
New conventional · ends Dec 2056$750,564