Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,489/mo
Lowest payment- Down payment
- $31,719
- Funds due
- $47,019
- Interest + MI left
- $356,929
- First ends
- Jun 2052
New loan
New conventional
$4,322/mo
+$833/mo- Down payment
- $60,000
- Funds due
- $71,110
- Interest + MI left
- $818,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $568,281 | $540,000 |
| Second mortgage | — | — |
| First P&I | $3,013.71 | $3,738.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $475.25 | $475.25 |
| Total housing payment | $3,488.96 | $4,322.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,719
Closing costs & prepaids$15,300
Usable credit−$0
Total buyer cash needed$47,019
Earnest money paid−$0
Remaining funds due$47,019
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,841.41
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$625.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$64.92
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$109,516Through Nov 2026
Assumption only · ends Jun 2052$356,929
New conventional · ends Dec 2056$818,946