Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,463/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,419
- Interest + MI left
- $285,921
- First ends
- Jul 2052
New loan
New conventional
$2,733/mo
+$269/mo- Down payment
- $38,600
- Funds due
- $46,893
- Interest + MI left
- $526,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,349 | $347,400 |
| Second mortgage | — | — |
| First P&I | $2,205.42 | $2,405.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.48 |
| Taxes, insurance & HOA | $257.92 | $257.92 |
| Total housing payment | $2,463.34 | $2,732.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$11,419
Earnest money paid−$0
Remaining funds due$11,419
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,860.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.75
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$323.75
Prepaid interest, first (1 days)$50.87
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 4.720%
Interest already paid$83,781Through Nov 2026
Assumption only · ends Jul 2052$285,921
New conventional · ends Dec 2056$526,855