Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,063/mo
+$135/mo- Down payment
- $0
- Funds due
- $12,134
- Interest + MI left
- $396,088
- First ends
- Sep 2052
New loan
New conventional
$2,928/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,189
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,651 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,731.41 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $331.58 | $331.58 |
| Total housing payment | $3,063.00 | $2,928.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,134
Usable credit−$0
Total buyer cash needed$12,134
Earnest money paid−$0
Remaining funds due$12,134
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,253.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$454.75
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$68.15
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$107,221Through Nov 2026
Assumption only · ends Sep 2052$396,088
New conventional · ends Dec 2056$552,789