Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,330/mo
Lowest payment- Down payment
- $21,876
- Funds due
- $36,952
- Interest + MI left
- $354,174
- First ends
- Oct 2052
New loan
New conventional
$4,013/mo
+$682/mo- Down payment
- $57,500
- Funds due
- $68,671
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $553,124 | $517,500 |
| Second mortgage | — | — |
| First P&I | $2,926.77 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $403.34 | $403.34 |
| Total housing payment | $3,330.10 | $4,012.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,876
Closing costs & prepaids$15,076
Usable credit−$0
Total buyer cash needed$36,952
Earnest money paid−$0
Remaining funds due$36,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,765.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$20.01
Prepaid interest, first (6 days)$381.88
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 10 moOf the original 30-year loan at 4.2%
Interest already paid$100,962Through Dec 2026
Assumption only · ends Oct 2052$354,174
New conventional · ends Jan 2057$756,671