Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,017/mo
+$356/mo- Down payment
- $0
- Funds due
- $11,794
- Interest + MI left
- $360,617
- First ends
- Aug 2052
New loan
New conventional
$2,661/mo
Lowest payment- Down payment
- $34,800
- Funds due
- $43,260
- Interest + MI left
- $474,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $438,708 | $313,200 |
| Second mortgage | — | — |
| First P&I | $2,586.81 | $2,168.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.64 |
| Taxes, insurance & HOA | $429.83 | $429.83 |
| Total housing payment | $3,016.64 | $2,661.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,794
Usable credit−$0
Total buyer cash needed$11,794
Earnest money paid−$0
Remaining funds due$11,794
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,193.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$539.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$62.86
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$101,130Through Nov 2026
Assumption only · ends Aug 2052$360,617
New conventional · ends Dec 2056$474,989