Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,089/mo
Lowest payment- Down payment
- $55,633
- Funds due
- $74,973
- Interest + MI left
- $297,012
- First ends
- Aug 2051
New loan
New conventional
$5,549/mo
+$1,460/mo- Down payment
- $78,500
- Funds due
- $93,177
- Interest + MI left
- $1,033,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $729,366 | $706,499 |
| Second mortgage | — | — |
| First P&I | $3,467.49 | $4,786.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $141.30 |
| Taxes, insurance & HOA | $621.34 | $621.34 |
| Total housing payment | $4,088.83 | $5,548.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,633
Closing costs & prepaids$19,340
Usable credit−$0
Total buyer cash needed$74,973
Earnest money paid−$0
Remaining funds due$74,973
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,849.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,646.83
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$942.00
Initial HOA (3 months)$272.01
Prepaid interest, first (7 days)$411.24
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 closing24 yr 8 moOf the original 30-year loan at 2.94%
Interest already paid$122,485Through Dec 2026
Assumption only · ends Aug 2051$297,012
New conventional · ends Jan 2057$1,033,018