Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,541/mo
Lowest payment- Down payment
- $0
- Funds due
- $15,889
- Interest + MI left
- $284,830
- First ends
- Apr 2052
New loan
New conventional
$4,187/mo
+$646/mo- Down payment
- $55,000
- Funds due
- $67,011
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $568,286 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,806.30 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $734.67 | $734.67 |
| Total housing payment | $3,540.97 | $4,186.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,889
Usable credit−$0
Total buyer cash needed$15,889
Earnest money paid−$0
Remaining funds due$15,889
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,841.43
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$1,044.00
Prepaid interest, first (7 days)$376.00
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$96,587Through Dec 2026
Assumption only · ends Apr 2052$284,830
New conventional · ends Jan 2057$723,772