Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,323/mo
+$84/mo- Down payment
- $0
- Funds due
- $13,268
- Interest + MI left
- $326,719
- First ends
- Jul 2052
New loan
New conventional
$3,239/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $46,074
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,919 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,391.68 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $931.00 | $931.00 |
| Total housing payment | $3,322.68 | $3,239.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,268
Usable credit−$0
Total buyer cash needed$13,268
Earnest money paid−$0
Remaining funds due$13,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,049.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$1,443.00
Prepaid interest, first (1 days)$57.39
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 8 moOf the original 30-year loan at 5.110%
Interest already paid$94,287Through Nov 2026
Assumption only · ends Jul 2052$326,719
New conventional · ends Dec 2056$491,368