Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,079/mo
+$21/mo- Down payment
- $0
- Funds due
- $12,697
- Interest + MI left
- $294,802
- First ends
- Jul 2051
New loan
New conventional
$3,059/mo
Lowest payment- Down payment
- $34,990
- Funds due
- $44,687
- Interest + MI left
- $477,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,352 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,264.04 | $2,180.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $815.17 | $815.17 |
| Total housing payment | $3,079.21 | $3,058.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$12,697
Earnest money paid−$0
Remaining funds due$12,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,876.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,908.00
Initial HOA (3 months)$87.51
Prepaid interest, first (2 days)$107.98
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 closing24 yr 8 moOf the original 30-year loan at 5.250%
Interest already paid$110,251Through Nov 2026
Assumption only · ends Jul 2051$294,802
New conventional · ends Dec 2056$477,582