Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
Lowest payment- Down payment
- $21,166
- Funds due
- $34,079
- Interest + MI left
- $357,469
- First ends
- Aug 2052
New loan
New conventional
$3,325/mo
+$401/mo- Down payment
- $46,900
- Funds due
- $56,335
- Interest + MI left
- $640,143
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $447,834 | $422,100 |
| Second mortgage | — | — |
| First P&I | $2,606.16 | $2,922.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.42 |
| Taxes, insurance & HOA | $317.83 | $317.83 |
| Total housing payment | $2,923.99 | $3,324.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,166
Closing costs & prepaids$12,913
Usable credit−$0
Total buyer cash needed$34,079
Earnest money paid−$0
Remaining funds due$34,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,239.17
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$339.50
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$62.57
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 9 moOf the original 30-year loan at 5.100%
Interest already paid$100,748Through Nov 2026
Assumption only · ends Aug 2052$357,469
New conventional · ends Dec 2056$640,143