Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,873/mo
Lowest payment- Down payment
- $24,320
- Funds due
- $41,123
- Interest + MI left
- $397,447
- First ends
- Jul 2052
New loan
New conventional
$4,666/mo
+$793/mo- Down payment
- $66,500
- Funds due
- $78,959
- Interest + MI left
- $875,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $640,680 | $598,500 |
| Second mortgage | — | — |
| First P&I | $3,381.52 | $4,054.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $119.70 |
| Taxes, insurance & HOA | $491.67 | $491.67 |
| Total housing payment | $3,873.19 | $4,665.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,320
Closing costs & prepaids$16,803
Usable credit−$0
Total buyer cash needed$41,123
Earnest money paid−$0
Remaining funds due$41,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,203.40
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$798.00
Initial HOA (3 months)$177.00
Prepaid interest, first (7 days)$506.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4.125%
Interest already paid$122,176Through Dec 2026
Assumption only · ends Jul 2052$397,447
New conventional · ends Jan 2057$875,106