Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,570/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,064
- Interest + MI left
- $227,725
- First ends
- May 2052
New loan
New conventional
$2,861/mo
+$290/mo- Down payment
- $37,000
- Funds due
- $45,905
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,348 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,081.94 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $488.33 | $488.33 |
| Total housing payment | $2,570.27 | $2,860.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$12,064
Earnest money paid−$0
Remaining funds due$12,064
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,046.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$550.00
Initial HOA (3 months)$465.00
Prepaid interest, first (2 days)$84.34
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$72,773Through Nov 2026
Assumption only · ends May 2052$227,725
New conventional · ends Dec 2056$505,017