Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $34,811
- Funds due
- $49,898
- Interest + MI left
- $242,465
- First ends
- Mar 2052
New loan
New conventional
$4,079/mo
+$1,041/mo- Down payment
- $58,000
- Funds due
- $69,326
- Interest + MI left
- $763,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $545,189 | $522,000 |
| Second mortgage | — | — |
| First P&I | $2,599.52 | $3,536.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.40 |
| Taxes, insurance & HOA | $438.25 | $438.25 |
| Total housing payment | $3,037.77 | $4,078.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,811
Closing costs & prepaids$15,087
Usable credit−$0
Total buyer cash needed$49,898
Earnest money paid−$0
Remaining funds due$49,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,725.95
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$696.00
Initial HOA (3 months)$118.74
Prepaid interest, first (6 days)$278.72
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 3.11%
Interest already paid$85,372Through Dec 2026
Assumption only · ends Mar 2052$242,465
New conventional · ends Jan 2057$763,250