Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,581/mo
+$18/mo- Down payment
- $0
- Funds due
- $14,652
- Interest + MI left
- $422,087
- First ends
- Aug 2052
New loan
New conventional
$3,563/mo
Lowest payment- Down payment
- $49,000
- Funds due
- $59,829
- Interest + MI left
- $644,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $530,782 | $441,000 |
| Second mortgage | — | — |
| First P&I | $3,093.73 | $2,987.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.20 |
| Taxes, insurance & HOA | $487.67 | $487.67 |
| Total housing payment | $3,581.39 | $3,563.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,652
Usable credit−$0
Total buyer cash needed$14,652
Earnest money paid−$0
Remaining funds due$14,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,653.91
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$667.48
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 8 moOf the original 30-year loan at 5.1%
Interest already paid$121,855Through Dec 2026
Assumption only · ends Aug 2052$422,087
New conventional · ends Jan 2057$644,815