Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $32,571
- Funds due
- $46,524
- Interest + MI left
- $201,903
- First ends
- Jan 2052
New loan
New conventional
$3,570/mo
+$914/mo- Down payment
- $49,990
- Funds due
- $60,759
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $467,329 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,223.36 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $432.67 | $432.67 |
| Total housing payment | $2,656.03 | $3,570.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,571
Closing costs & prepaids$13,953
Usable credit−$0
Total buyer cash needed$46,524
Earnest money paid−$0
Remaining funds due$46,524
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,336.64
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$351.46
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 1 moOf the original 30-year loan at 3.05%
Interest already paid$74,507Through Dec 2026
Assumption only · ends Jan 2052$201,903
New conventional · ends Jan 2057$657,843