Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,654/mo
+$388/mo- Down payment
- $0
- Funds due
- $10,801
- Interest + MI left
- $322,290
- First ends
- Jul 2052
New loan
New conventional
$2,267/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,670
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,500 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,304.51 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $349.75 | $349.75 |
| Total housing payment | $2,654.26 | $2,266.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,801
Usable credit−$0
Total buyer cash needed$10,801
Earnest money paid−$0
Remaining funds due$10,801
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$599.25
Prepaid interest, first (1 days)$56.27
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 8 moOf the original 30-year loan at 5.300%
Interest already paid$92,335Through Nov 2026
Assumption only · ends Jul 2052$322,290
New conventional · ends Dec 2056$408,108