Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
+$173/mo- Down payment
- $0
- Funds due
- $14,042
- Interest + MI left
- $449,682
- First ends
- Sep 2052
New loan
New conventional
$3,394/mo
Lowest payment- Down payment
- $46,900
- Funds due
- $57,144
- Interest + MI left
- $617,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,569 | $422,100 |
| Second mortgage | — | — |
| First P&I | $3,117.32 | $2,859.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.42 |
| Taxes, insurance & HOA | $449.92 | $449.92 |
| Total housing payment | $3,567.24 | $3,393.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,042
Usable credit−$0
Total buyer cash needed$14,042
Earnest money paid−$0
Remaining funds due$14,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,567.84
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$562.75
Initial HOA (3 months)$287.01
Prepaid interest, first (6 days)$466.01
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$124,736Through Dec 2026
Assumption only · ends Sep 2052$449,682
New conventional · ends Jan 2057$617,180