Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,343/mo
Lowest payment- Down payment
- $32,039
- Funds due
- $49,288
- Interest + MI left
- $516,156
- First ends
- Sep 2052
New loan
New conventional
$4,829/mo
+$486/mo- Down payment
- $67,500
- Funds due
- $80,242
- Interest + MI left
- $888,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $642,961 | $607,500 |
| Second mortgage | — | — |
| First P&I | $3,751.19 | $4,115.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.50 |
| Taxes, insurance & HOA | $591.67 | $591.67 |
| Total housing payment | $4,342.86 | $4,828.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,039
Closing costs & prepaids$17,249
Usable credit−$0
Total buyer cash needed$49,288
Earnest money paid−$0
Remaining funds due$49,288
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,214.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$465.00
Prepaid interest, first (6 days)$541.67
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 5.125%
Interest already paid$145,332Through Dec 2026
Assumption only · ends Sep 2052$516,156
New conventional · ends Jan 2057$888,265