Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,888/mo
Lowest payment- Down payment
- $0
- Funds due
- $15,249
- Interest + MI left
- $415,894
- First ends
- Jul 2052
New loan
New conventional
$4,026/mo
+$138/mo- Down payment
- $53,990
- Funds due
- $64,915
- Interest + MI left
- $736,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $607,646 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,323.18 | $3,364.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.18 |
| Taxes, insurance & HOA | $564.75 | $564.75 |
| Total housing payment | $3,887.93 | $4,026.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,249
Usable credit−$0
Total buyer cash needed$15,249
Earnest money paid−$0
Remaining funds due$15,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,038.23
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$858.25
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$149.16
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 8 moOf the original 30-year loan at 4.480%
Interest already paid$123,043Through Nov 2026
Assumption only · ends Jul 2052$415,894
New conventional · ends Dec 2056$736,915