Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,736/mo
Lowest payment- Down payment
- $36,736
- Funds due
- $52,044
- Interest + MI left
- $472,458
- First ends
- Oct 2052
New loan
New conventional
$4,076/mo
+$340/mo- Down payment
- $57,200
- Funds due
- $68,587
- Interest + MI left
- $752,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $535,264 | $514,800 |
| Second mortgage | — | — |
| First P&I | $3,250.72 | $3,487.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $102.96 |
| Taxes, insurance & HOA | $485.50 | $485.50 |
| Total housing payment | $3,736.22 | $4,075.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,736
Closing costs & prepaids$15,308
Usable credit−$0
Total buyer cash needed$52,044
Earnest money paid−$0
Remaining funds due$52,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,676.32
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$686.50
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$487.46
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 5.54%
Interest already paid$127,800Through Dec 2026
Assumption only · ends Oct 2052$472,458
New conventional · ends Jan 2057$752,723