Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,642/mo
Lowest payment- Down payment
- $37,339
- Funds due
- $53,959
- Interest + MI left
- $327,000
- First ends
- Mar 2052
New loan
New conventional
$4,572/mo
+$930/mo- Down payment
- $63,350
- Funds due
- $76,021
- Interest + MI left
- $833,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $596,161 | $570,150 |
| Second mortgage | — | — |
| First P&I | $3,046.74 | $3,862.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.03 |
| Taxes, insurance & HOA | $595.08 | $595.08 |
| Total housing payment | $3,641.82 | $4,571.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,339
Closing costs & prepaids$16,620
Usable credit−$0
Total buyer cash needed$53,959
Earnest money paid−$0
Remaining funds due$53,959
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,335.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,980.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$760.25
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$551.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.75%
Interest already paid$111,947Through Dec 2026
Assumption only · ends Mar 2052$327,000
New conventional · ends Jan 2057$833,654