Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,943/mo
Lowest payment- Down payment
- $17,760
- Funds due
- $33,100
- Interest + MI left
- $501,691
- First ends
- Oct 2052
New loan
New conventional
$4,305/mo
+$362/mo- Down payment
- $60,000
- Funds due
- $71,059
- Interest + MI left
- $818,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $582,239 | $539,999 |
| Second mortgage | — | — |
| First P&I | $3,485.31 | $3,738.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $458.17 | $458.17 |
| Total housing payment | $3,943.47 | $4,305.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,760
Closing costs & prepaids$15,340
Usable credit−$0
Total buyer cash needed$33,100
Earnest money paid−$0
Remaining funds due$33,100
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,911.20
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$568.50
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$86.30
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$133,029Through Nov 2026
Assumption only · ends Oct 2052$501,691
New conventional · ends Dec 2056$818,945