Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,148/mo
Lowest payment- Down payment
- $26,363
- Funds due
- $39,954
- Interest + MI left
- $335,914
- First ends
- Sep 2052
New loan
New conventional
$3,393/mo
+$245/mo- Down payment
- $41,000
- Funds due
- $51,558
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,637 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,328.64 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $819.00 | $819.00 |
| Total housing payment | $3,147.64 | $3,392.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,363
Closing costs & prepaids$13,591
Usable credit−$0
Total buyer cash needed$39,954
Earnest money paid−$0
Remaining funds due$39,954
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,918.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.00
Initial HOA (3 months)$1,515.00
Prepaid interest, first (6 days)$348.11
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$93,178Through Dec 2026
Assumption only · ends Sep 2052$335,914
New conventional · ends Jan 2057$539,539