Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,606/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,772
- Interest + MI left
- $269,009
- First ends
- Jul 2051
New loan
New conventional
$2,828/mo
+$222/mo- Down payment
- $37,299
- Funds due
- $46,076
- Interest + MI left
- $509,098
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,238 | $335,691 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $2,324.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.14 |
| Taxes, insurance & HOA | $436.17 | $436.17 |
| Total housing payment | $2,605.92 | $2,827.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,772
Usable credit−$0
Total buyer cash needed$11,772
Earnest money paid−$0
Remaining funds due$11,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,729.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,866.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$12.50
Initial HOA (3 months)$846.00
Prepaid interest, first (2 days)$99.70
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 4.875%
Interest already paid$102,102Through Nov 2026
Assumption only · ends Jul 2051$269,009
New conventional · ends Dec 2056$509,098