Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,807/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,203
- Interest + MI left
- $307,813
- First ends
- Oct 2052
New loan
New conventional
$2,927/mo
+$120/mo- Down payment
- $37,000
- Funds due
- $46,104
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,585 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,252.08 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $554.75 | $554.75 |
| Total housing payment | $2,806.83 | $2,926.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,203
Usable credit−$0
Total buyer cash needed$12,203
Earnest money paid−$0
Remaining funds due$12,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,962.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,064.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$107.34
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 4.990%
Interest already paid$82,937Through Nov 2026
Assumption only · ends Oct 2052$307,813
New conventional · ends Dec 2056$505,017