Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,923/mo
Lowest payment- Down payment
- $3,469
- Funds due
- $17,555
- Interest + MI left
- $271,327
- First ends
- May 2052
New loan
New conventional
$3,523/mo
+$600/mo- Down payment
- $49,300
- Funds due
- $59,984
- Interest + MI left
- $648,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $489,531 | $443,700 |
| Second mortgage | — | — |
| First P&I | $2,494.62 | $3,005.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.74 |
| Taxes, insurance & HOA | $428.83 | $428.83 |
| Total housing payment | $2,923.45 | $3,523.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,469
Closing costs & prepaids$14,086
Usable credit−$0
Total buyer cash needed$17,555
Earnest money paid−$0
Remaining funds due$17,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,447.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$591.50
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$453.86
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$88,734Through Dec 2026
Assumption only · ends May 2052$271,327
New conventional · ends Jan 2057$648,763