Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,672/mo
Lowest payment- Down payment
- $11,938
- Funds due
- $29,075
- Interest + MI left
- $283,144
- First ends
- Mar 2052
New loan
New conventional
$4,861/mo
+$1,188/mo- Down payment
- $69,990
- Funds due
- $82,610
- Interest + MI left
- $921,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $687,962 | $629,910 |
| Second mortgage | — | — |
| First P&I | $3,204.97 | $4,267.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.98 |
| Taxes, insurance & HOA | $467.50 | $467.50 |
| Total housing payment | $3,672.47 | $4,860.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,938
Closing costs & prepaids$17,137
Usable credit−$0
Total buyer cash needed$29,075
Earnest money paid−$0
Remaining funds due$29,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,439.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$327.96
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 3 moOf the original 30-year loan at 2.9%
Interest already paid$100,646Through Dec 2026
Assumption only · ends Mar 2052$283,144
New conventional · ends Jan 2057$921,033