Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
Lowest payment- Down payment
- $7,133
- Funds due
- $18,577
- Interest + MI left
- $298,397
- First ends
- Jul 2052
New loan
New conventional
$2,725/mo
+$225/mo- Down payment
- $36,990
- Funds due
- $45,489
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,767 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,146.64 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.58 |
| Taxes, insurance & HOA | $353.17 | $353.17 |
| Total housing payment | $2,499.80 | $2,724.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,133
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$18,577
Earnest money paid−$0
Remaining funds due$18,577
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,813.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$594.50
Initial HOA (3 months)$15.00
Prepaid interest, first (2 days)$104.36
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 5.250%
Interest already paid$85,652Through Nov 2026
Assumption only · ends Jul 2052$298,397
New conventional · ends Dec 2056$504,880