Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,593/mo
Lowest payment- Down payment
- $27,540
- Funds due
- $42,072
- Interest + MI left
- $432,396
- First ends
- Sep 2052
New loan
New conventional
$3,942/mo
+$349/mo- Down payment
- $51,950
- Funds due
- $62,730
- Interest + MI left
- $709,071
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,960 | $467,550 |
| Second mortgage | — | — |
| First P&I | $2,981.79 | $3,237.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.51 |
| Taxes, insurance & HOA | $611.58 | $611.58 |
| Total housing payment | $3,593.38 | $3,942.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,540
Closing costs & prepaids$14,532
Usable credit−$0
Total buyer cash needed$42,072
Earnest money paid−$0
Remaining funds due$42,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,459.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$833.75
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$74.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 5.520%
Interest already paid$117,050Through Nov 2026
Assumption only · ends Sep 2052$432,396
New conventional · ends Dec 2056$709,071