Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,685/mo
Lowest payment- Down payment
- $38,232
- Funds due
- $50,536
- Interest + MI left
- $314,294
- First ends
- Sep 2052
New loan
New conventional
$3,132/mo
+$447/mo- Down payment
- $42,000
- Funds due
- $51,226
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,768 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,245.36 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $439.33 | $439.33 |
| Total housing payment | $2,684.69 | $3,132.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,232
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$50,536
Earnest money paid−$0
Remaining funds due$50,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,908.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$568.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$109.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.220%
Interest already paid$86,046Through Nov 2026
Assumption only · ends Sep 2052$314,294
New conventional · ends Dec 2056$573,262