Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $18,008
- Funds due
- $28,687
- Interest + MI left
- $267,516
- First ends
- Oct 2052
New loan
New conventional
$2,408/mo
+$188/mo- Down payment
- $31,000
- Funds due
- $39,138
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,992 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,799.06 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $420.00 | $420.00 |
| Total housing payment | $2,219.06 | $2,407.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,008
Closing costs & prepaids$10,679
Usable credit−$0
Total buyer cash needed$28,687
Earnest money paid−$0
Remaining funds due$28,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,459.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$775.00
Initial HOA (3 months)$35.01
Prepaid interest, first (2 days)$91.20
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 11 moOf the original 30-year loan at 5.700%
Interest already paid$70,177Through Nov 2026
Assumption only · ends Oct 2052$267,516
New conventional · ends Dec 2056$423,122