Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,294/mo
Lowest payment- Down payment
- $12,361
- Funds due
- $24,145
- Interest + MI left
- $229,771
- First ends
- Aug 2052
New loan
New conventional
$2,706/mo
+$412/mo- Down payment
- $36,900
- Funds due
- $45,953
- Interest + MI left
- $485,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,639 | $332,100 |
| Second mortgage | — | — |
| First P&I | $1,903.93 | $2,249.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $389.58 | $389.58 |
| Total housing payment | $2,293.51 | $2,705.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,361
Closing costs & prepaids$11,784
Usable credit−$0
Total buyer cash needed$24,145
Earnest money paid−$0
Remaining funds due$24,145
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,783.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$442.75
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$373.74
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 8 moOf the original 30-year loan at 4.25%
Interest already paid$68,619Through Dec 2026
Assumption only · ends Aug 2052$229,771
New conventional · ends Jan 2057$485,585