Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,608/mo
Lowest payment- Down payment
- $34,035
- Funds due
- $52,775
- Interest + MI left
- $547,554
- First ends
- Oct 2052
New loan
New conventional
$5,194/mo
+$586/mo- Down payment
- $73,500
- Funds due
- $87,413
- Interest + MI left
- $967,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $700,965 | $661,500 |
| Second mortgage | — | — |
| First P&I | $4,027.48 | $4,481.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $132.30 |
| Taxes, insurance & HOA | $580.67 | $580.67 |
| Total housing payment | $4,608.14 | $5,194.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,035
Closing costs & prepaids$18,740
Usable credit−$0
Total buyer cash needed$52,775
Earnest money paid−$0
Remaining funds due$52,775
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,504.82
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$574.98
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 4.99%
Interest already paid$151,238Through Dec 2026
Assumption only · ends Oct 2052$547,554
New conventional · ends Jan 2057$967,222