Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,139/mo
Lowest payment- Down payment
- $34,543
- Funds due
- $47,733
- Interest + MI left
- $427,337
- First ends
- Dec 2052
New loan
New conventional
$3,428/mo
+$289/mo- Down payment
- $47,990
- Funds due
- $57,712
- Interest + MI left
- $655,021
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,357 | $431,910 |
| Second mortgage | — | — |
| First P&I | $2,788.16 | $2,990.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.38 |
| Taxes, insurance & HOA | $350.83 | $350.83 |
| Total housing payment | $3,138.99 | $3,427.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,543
Closing costs & prepaids$13,190
Usable credit−$0
Total buyer cash needed$47,733
Earnest money paid−$0
Remaining funds due$47,733
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,226.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$324.50
Initial HOA (3 months)$228.00
Prepaid interest, first (2 days)$143.73
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 closing26 yr 1 moOf the original 30-year loan at 5.890%
Interest already paid$105,823Through Nov 2026
Assumption only · ends Dec 2052$427,337
New conventional · ends Dec 2056$655,021