Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,268/mo
Lowest payment- Down payment
- $19,244
- Funds due
- $33,501
- Interest + MI left
- $390,381
- First ends
- Oct 2052
New loan
New conventional
$3,654/mo
+$386/mo- Down payment
- $51,900
- Funds due
- $62,488
- Interest + MI left
- $682,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,756 | $467,100 |
| Second mortgage | — | — |
| First P&I | $2,871.41 | $3,164.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.42 |
| Taxes, insurance & HOA | $396.75 | $396.75 |
| Total housing payment | $3,268.16 | $3,654.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,244
Closing costs & prepaids$14,257
Usable credit−$0
Total buyer cash needed$33,501
Earnest money paid−$0
Remaining funds due$33,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,498.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$622.75
Initial HOA (3 months)$67.50
Prepaid interest, first (6 days)$409.94
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$107,826Through Dec 2026
Assumption only · ends Oct 2052$390,381
New conventional · ends Jan 2057$682,977