Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,657/mo
Lowest payment- Down payment
- $46,694
- Funds due
- $61,009
- Interest + MI left
- $175,713
- First ends
- Feb 2052
New loan
New conventional
$3,801/mo
+$1,144/mo- Down payment
- $52,990
- Funds due
- $63,923
- Interest + MI left
- $697,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,206 | $476,910 |
| Second mortgage | — | — |
| First P&I | $2,181.85 | $3,230.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.38 |
| Taxes, insurance & HOA | $475.34 | $475.34 |
| Total housing payment | $2,657.19 | $3,801.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,694
Closing costs & prepaids$14,316
Usable credit−$0
Total buyer cash needed$61,009
Earnest money paid−$0
Remaining funds due$61,009
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,416.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$290.01
Prepaid interest, first (6 days)$206.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 2.6%
Interest already paid$64,754Through Dec 2026
Assumption only · ends Feb 2052$175,713
New conventional · ends Jan 2057$697,321