Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,960/mo
+$245/mo- Down payment
- $0
- Funds due
- $12,114
- Interest + MI left
- $290,137
- First ends
- Jun 2052
New loan
New conventional
$2,714/mo
Lowest payment- Down payment
- $28,900
- Funds due
- $38,165
- Interest + MI left
- $394,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,064 | $260,100 |
| Second mortgage | — | — |
| First P&I | $2,098.37 | $1,800.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.02 |
| Taxes, insurance & HOA | $861.33 | $861.33 |
| Total housing payment | $2,959.71 | $2,714.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,114
Usable credit−$0
Total buyer cash needed$12,114
Earnest money paid−$0
Remaining funds due$12,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,770.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$949.00
Initial HOA (3 months)$1,185.00
Prepaid interest, first (2 days)$101.85
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 7 moOf the original 30-year loan at 5.250%
Interest already paid$85,278Through Nov 2026
Assumption only · ends Jun 2052$290,137
New conventional · ends Dec 2056$394,459