Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,875/mo
Lowest payment- Down payment
- $0
- Funds due
- $17,467
- Interest + MI left
- $294,175
- First ends
- Mar 2052
New loan
New conventional
$4,907/mo
+$1,033/mo- Down payment
- $69,500
- Funds due
- $82,302
- Interest + MI left
- $914,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $714,766 | $625,500 |
| Second mortgage | — | — |
| First P&I | $3,329.84 | $4,237.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.10 |
| Taxes, insurance & HOA | $544.67 | $544.67 |
| Total housing payment | $3,874.51 | $4,907.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,467
Usable credit−$0
Total buyer cash needed$17,467
Earnest money paid−$0
Remaining funds due$17,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,573.83
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$834.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$340.74
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$104,567Through Dec 2026
Assumption only · ends Mar 2052$294,175
New conventional · ends Jan 2057$914,584