Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $8,512
- Funds due
- $22,177
- Interest + MI left
- $272,864
- First ends
- May 2052
New loan
New conventional
$3,584/mo
+$705/mo- Down payment
- $49,900
- Funds due
- $59,902
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,488 | $449,100 |
| Second mortgage | — | — |
| First P&I | $2,494.62 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $384.75 | $384.75 |
| Total housing payment | $2,879.37 | $3,584.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,512
Closing costs & prepaids$13,666
Usable credit−$0
Total buyer cash needed$22,177
Earnest money paid−$0
Remaining funds due$22,177
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,452.44
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$459.25
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$101.05
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$87,198Through Nov 2026
Assumption only · ends May 2052$272,864
New conventional · ends Dec 2056$681,090