Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,487/mo
Lowest payment- Down payment
- $21,562
- Funds due
- $33,617
- Interest + MI left
- $280,059
- First ends
- Jul 2052
New loan
New conventional
$2,808/mo
+$321/mo- Down payment
- $38,500
- Funds due
- $47,726
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,438 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,096.08 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $391.00 | $391.00 |
| Total housing payment | $2,487.08 | $2,807.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,562
Closing costs & prepaids$12,054
Usable credit−$0
Total buyer cash needed$33,617
Earnest money paid−$0
Remaining funds due$33,617
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,817.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$446.28
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$83,178Through Dec 2026
Assumption only · ends Jul 2052$280,059
New conventional · ends Jan 2057$506,640