Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,614/mo
Lowest payment- Down payment
- $41,538
- Funds due
- $55,158
- Interest + MI left
- $203,093
- First ends
- Jan 2052
New loan
New conventional
$3,660/mo
+$1,046/mo- Down payment
- $50,990
- Funds due
- $61,019
- Interest + MI left
- $695,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,362 | $458,910 |
| Second mortgage | — | — |
| First P&I | $2,223.36 | $3,177.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.78 |
| Taxes, insurance & HOA | $390.58 | $390.58 |
| Total housing payment | $2,613.94 | $3,659.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,538
Closing costs & prepaids$13,620
Usable credit−$0
Total buyer cash needed$55,158
Earnest money paid−$0
Remaining funds due$55,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,341.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$473.75
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$39.14
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 2 moOf the original 30-year loan at 3.050%
Interest already paid$73,317Through Nov 2026
Assumption only · ends Jan 2052$203,093
New conventional · ends Dec 2056$695,968