Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,217/mo
Lowest payment- Down payment
- $20,245
- Funds due
- $34,019
- Interest + MI left
- $425,151
- First ends
- Dec 2052
New loan
New conventional
$3,347/mo
+$131/mo- Down payment
- $46,500
- Funds due
- $56,887
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,755 | $418,500 |
| Second mortgage | — | — |
| First P&I | $2,788.16 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.70 |
| Taxes, insurance & HOA | $428.67 | $428.67 |
| Total housing payment | $3,216.83 | $3,347.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,245
Closing costs & prepaids$13,774
Usable credit−$0
Total buyer cash needed$34,019
Earnest money paid−$0
Remaining funds due$34,019
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,223.77
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$645.93
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 closing26 yrOf the original 30-year loan at 5.89%
Interest already paid$108,009Through Dec 2026
Assumption only · ends Dec 2052$425,151
New conventional · ends Jan 2057$611,916