Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,415/mo
Lowest payment- Down payment
- $35,274
- Funds due
- $51,680
- Interest + MI left
- $265,313
- First ends
- Mar 2052
New loan
New conventional
$4,518/mo
+$1,103/mo- Down payment
- $62,550
- Funds due
- $75,127
- Interest + MI left
- $823,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $590,226 | $562,950 |
| Second mortgage | — | — |
| First P&I | $2,823.56 | $3,813.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.59 |
| Taxes, insurance & HOA | $591.83 | $591.83 |
| Total housing payment | $3,415.39 | $4,518.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,274
Closing costs & prepaids$16,407
Usable credit−$0
Total buyer cash needed$51,680
Earnest money paid−$0
Remaining funds due$51,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,255.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,951.13
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.50
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$456.98
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 3 moOf the original 30-year loan at 3.14%
Interest already paid$93,291Through Dec 2026
Assumption only · ends Mar 2052$265,313
New conventional · ends Jan 2057$823,126