Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,843/mo
Lowest payment- Down payment
- $33,018
- Funds due
- $48,886
- Interest + MI left
- $453,134
- First ends
- Jul 2052
New loan
New conventional
$4,301/mo
+$458/mo- Down payment
- $60,500
- Funds due
- $72,274
- Interest + MI left
- $796,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $571,982 | $544,500 |
| Second mortgage | — | — |
| First P&I | $3,339.14 | $3,688.63 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.90 |
| Taxes, insurance & HOA | $503.67 | $503.67 |
| Total housing payment | $3,842.81 | $4,301.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,018
Closing costs & prepaids$15,868
Usable credit−$0
Total buyer cash needed$48,886
Earnest money paid−$0
Remaining funds due$48,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,859.91
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$726.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$479.52
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 7 moOf the original 30-year loan at 5.1%
Interest already paid$133,957Through Dec 2026
Assumption only · ends Jul 2052$453,134
New conventional · ends Jan 2057$796,149