Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,872/mo
Lowest payment- Down payment
- $43,178
- Funds due
- $57,027
- Interest + MI left
- $264,054
- First ends
- May 2052
New loan
New conventional
$3,722/mo
+$850/mo- Down payment
- $49,990
- Funds due
- $60,305
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,722 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,355.48 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $516.50 | $516.50 |
| Total housing payment | $2,871.98 | $3,721.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,178
Closing costs & prepaids$13,849
Usable credit−$0
Total buyer cash needed$57,027
Earnest money paid−$0
Remaining funds due$57,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,283.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$555.50
Initial HOA (3 months)$494.01
Prepaid interest, first (1 days)$48.68
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 6 moOf the original 30-year loan at 3.890%
Interest already paid$83,917Through Nov 2026
Assumption only · ends May 2052$264,054
New conventional · ends Dec 2056$682,319