Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,388/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,138
- Interest + MI left
- $176,820
- First ends
- Feb 2052
New loan
New conventional
$2,973/mo
+$586/mo- Down payment
- $39,000
- Funds due
- $47,975
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,344 | $351,000 |
| Second mortgage | — | — |
| First P&I | $1,914.73 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.20 |
| Taxes, insurance & HOA | $473.00 | $473.00 |
| Total housing payment | $2,387.73 | $2,973.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$12,138
Earnest money paid−$0
Remaining funds due$12,138
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,016.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$33.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 3.070%
Interest already paid$62,370Through Nov 2026
Assumption only · ends Feb 2052$176,820
New conventional · ends Dec 2056$532,315