Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,008/mo
Lowest payment- Down payment
- $31,570
- Funds due
- $42,296
- Interest + MI left
- $223,937
- First ends
- Sep 2052
New loan
New conventional
$2,310/mo
+$302/mo- Down payment
- $30,400
- Funds due
- $38,800
- Interest + MI left
- $400,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,430 | $273,600 |
| Second mortgage | — | — |
| First P&I | $1,606.37 | $1,853.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.72 |
| Taxes, insurance & HOA | $401.58 | $401.58 |
| Total housing payment | $2,007.95 | $2,309.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,570
Closing costs & prepaids$10,726
Usable credit−$0
Total buyer cash needed$42,296
Earnest money paid−$0
Remaining funds due$42,296
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,040.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$364.75
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$351.32
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 9 moOf the original 30-year loan at 5.23%
Interest already paid$62,800Through Dec 2026
Assumption only · ends Sep 2052$223,937
New conventional · ends Jan 2057$400,048