Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,645/mo
Lowest payment- Down payment
- $1,505
- Funds due
- $15,034
- Interest + MI left
- $206,072
- First ends
- Mar 2052
New loan
New conventional
$3,384/mo
+$739/mo- Down payment
- $47,500
- Funds due
- $57,661
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,495 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,242.79 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $402.00 | $402.00 |
| Total housing payment | $2,644.79 | $3,383.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,505
Closing costs & prepaids$13,529
Usable credit−$0
Total buyer cash needed$15,034
Earnest money paid−$0
Remaining funds due$15,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,367.47
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$135.99
Prepaid interest, first (6 days)$237.40
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 3 moOf the original 30-year loan at 3.05%
Interest already paid$72,754Through Dec 2026
Assumption only · ends Mar 2052$206,072
New conventional · ends Jan 2057$625,076