Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
+$233/mo- Down payment
- $0
- Funds due
- $11,610
- Interest + MI left
- $307,107
- First ends
- Jul 2052
New loan
New conventional
$2,422/mo
Lowest payment- Down payment
- $32,900
- Funds due
- $41,430
- Interest + MI left
- $432,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,538 | $296,100 |
| Second mortgage | — | — |
| First P&I | $2,298.52 | $2,005.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.22 |
| Taxes, insurance & HOA | $356.58 | $356.58 |
| Total housing payment | $2,655.10 | $2,421.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,610
Usable credit−$0
Total buyer cash needed$11,610
Earnest money paid−$0
Remaining funds due$11,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,992.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$394.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$489.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 4.98%
Interest already paid$91,211Through Dec 2026
Assumption only · ends Jul 2052$307,107
New conventional · ends Jan 2057$432,947