Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,706/mo
Lowest payment- Down payment
- $25,762
- Funds due
- $49,451
- Interest + MI left
- $838,353
- First ends
- Sep 2052
New loan
New conventional
$7,586/mo
+$880/mo- Down payment
- $109,900
- Funds due
- $126,385
- Interest + MI left
- $1,500,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,073,238 | $989,100 |
| Second mortgage | — | — |
| First P&I | $6,166.42 | $6,848.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $197.82 |
| Taxes, insurance & HOA | $539.58 | $539.58 |
| Total housing payment | $6,706.01 | $7,585.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,762
Closing costs & prepaids$23,690
Usable credit−$0
Total buyer cash needed$49,451
Earnest money paid−$0
Remaining funds due$49,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,366.19
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$941.00
Initial HOA (3 months)$27.75
Prepaid interest, first (1 days)$146.72
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 4.990%
Interest already paid$231,559Through Nov 2026
Assumption only · ends Sep 2052$838,353
New conventional · ends Dec 2056$1,500,037