Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,982/mo
Lowest payment- Down payment
- $41,649
- Funds due
- $55,224
- Interest + MI left
- $353,887
- First ends
- Nov 2052
New loan
New conventional
$3,416/mo
+$435/mo- Down payment
- $46,990
- Funds due
- $57,293
- Interest + MI left
- $618,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $428,251 | $422,910 |
| Second mortgage | — | — |
| First P&I | $2,514.92 | $2,864.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.58 |
| Taxes, insurance & HOA | $466.67 | $466.67 |
| Total housing payment | $2,981.58 | $3,416.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,649
Closing costs & prepaids$13,576
Usable credit−$0
Total buyer cash needed$55,224
Earnest money paid−$0
Remaining funds due$55,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,141.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Initial HOA (3 months)$336.00
Prepaid interest, first (6 days)$367.47
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$94,513Through Dec 2026
Assumption only · ends Nov 2052$353,887
New conventional · ends Jan 2057$618,364