Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,260/mo
Lowest payment- Down payment
- $22,881
- Funds due
- $36,507
- Interest + MI left
- $357,677
- First ends
- Oct 2052
New loan
New conventional
$3,400/mo
+$140/mo- Down payment
- $39,990
- Funds due
- $50,588
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,019 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,369.99 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $889.92 | $889.92 |
| Total housing payment | $3,259.90 | $3,400.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,881
Closing costs & prepaids$13,626
Usable credit−$0
Total buyer cash needed$36,507
Earnest money paid−$0
Remaining funds due$36,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,885.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,019.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (5 days)$304.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 5.89%
Interest already paid$95,518Through Dec 2026
Assumption only · ends Oct 2052$357,677
New conventional · ends Jan 2057$526,248