Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,459/mo
Lowest payment- Down payment
- $41,105
- Funds due
- $55,261
- Interest + MI left
- $444,239
- First ends
- Sep 2052
New loan
New conventional
$3,814/mo
+$356/mo- Down payment
- $51,990
- Funds due
- $62,477
- Interest + MI left
- $709,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $478,795 | $467,910 |
| Second mortgage | — | — |
| First P&I | $2,977.53 | $3,239.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.58 |
| Taxes, insurance & HOA | $481.00 | $481.00 |
| Total housing payment | $3,458.53 | $3,814.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,105
Closing costs & prepaids$14,156
Usable credit−$0
Total buyer cash needed$55,261
Earnest money paid−$0
Remaining funds due$55,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,393.97
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$580.00
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$151.64
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 5.780%
Interest already paid$119,109Through Nov 2026
Assumption only · ends Sep 2052$444,239
New conventional · ends Dec 2056$709,617