Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,291/mo
Lowest payment- Down payment
- $32,276
- Funds due
- $46,220
- Interest + MI left
- $407,082
- First ends
- Oct 2052
New loan
New conventional
$3,763/mo
+$472/mo- Down payment
- $52,490
- Funds due
- $62,678
- Interest + MI left
- $716,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,624 | $472,410 |
| Second mortgage | — | — |
| First P&I | $2,892.94 | $3,270.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.48 |
| Taxes, insurance & HOA | $397.83 | $397.83 |
| Total housing payment | $3,290.78 | $3,763.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,276
Closing costs & prepaids$13,944
Usable credit−$0
Total buyer cash needed$46,220
Earnest money paid−$0
Remaining funds due$46,220
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,463.12
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$441.50
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$70.45
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 11 moOf the original 30-year loan at 5.220%
Interest already paid$108,720Through Nov 2026
Assumption only · ends Oct 2052$407,082
New conventional · ends Dec 2056$716,442