Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,839/mo
Lowest payment- Down payment
- $40,766
- Funds due
- $53,973
- Interest + MI left
- $330,162
- First ends
- Nov 2052
New loan
New conventional
$3,282/mo
+$443/mo- Down payment
- $44,850
- Funds due
- $54,975
- Interest + MI left
- $590,203
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,734 | $403,650 |
| Second mortgage | — | — |
| First P&I | $2,372.66 | $2,734.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.73 |
| Taxes, insurance & HOA | $466.42 | $466.42 |
| Total housing payment | $2,839.07 | $3,281.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,766
Closing costs & prepaids$13,207
Usable credit−$0
Total buyer cash needed$53,973
Earnest money paid−$0
Remaining funds due$53,973
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,485.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.25
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$515.76
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 11 moOf the original 30-year loan at 5.13%
Interest already paid$88,480Through Dec 2026
Assumption only · ends Nov 2052$330,162
New conventional · ends Jan 2057$590,203