Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,608/mo
Lowest payment- Down payment
- $24,546
- Funds due
- $37,272
- Interest + MI left
- $279,386
- First ends
- Sep 2052
New loan
New conventional
$3,236/mo
+$627/mo- Down payment
- $45,500
- Funds due
- $54,891
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $430,454 | $409,500 |
| Second mortgage | — | — |
| First P&I | $2,289.81 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.90 |
| Taxes, insurance & HOA | $318.34 | $318.34 |
| Total housing payment | $2,608.14 | $3,235.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,546
Closing costs & prepaids$12,726
Usable credit−$0
Total buyer cash needed$37,272
Earnest money paid−$0
Remaining funds due$37,272
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,152.27
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$387.00
Initial HOA (3 months)$68.01
Prepaid interest, first (2 days)$100.24
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 4.250%
Interest already paid$79,479Through Nov 2026
Assumption only · ends Sep 2052$279,386
New conventional · ends Dec 2056$621,034