Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$15,675/mo
+$14,140/mo- Down payment
- $0
- Funds due
- $25,663
- Interest + MI left
- $1,280,074
- First ends
- Oct 2051
New loan
New conventional
$1,536/mo
Lowest payment- Down payment
- $19,900
- Funds due
- $26,737
- Interest + MI left
- $261,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $3,305,732 | $179,100 |
| Second mortgage | — | — |
| First P&I | $15,388.61 | $1,213.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.82 |
| Taxes, insurance & HOA | $286.58 | $286.58 |
| Total housing payment | $15,675.20 | $1,535.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$25,663
Usable credit−$0
Total buyer cash needed$25,663
Earnest money paid−$0
Remaining funds due$25,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$16,528.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$238.75
Initial HOA (3 months)$171.00
Prepaid interest, first (6 days)$1,516.11
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 closing24 yr 10 moOf the original 30-year loan at 2.79%
Interest already paid$509,826Through Dec 2026
Assumption only · ends Oct 2051$1,280,074
New conventional · ends Jan 2057$261,874