Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,972/mo
+$465/mo- Down payment
- $0
- Funds due
- $11,870
- Interest + MI left
- $358,705
- First ends
- Aug 2052
New loan
New conventional
$2,507/mo
Lowest payment- Down payment
- $33,800
- Funds due
- $42,332
- Interest + MI left
- $444,791
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $438,033 | $304,200 |
| Second mortgage | — | — |
| First P&I | $2,586.81 | $2,060.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.84 |
| Taxes, insurance & HOA | $385.17 | $385.17 |
| Total housing payment | $2,971.98 | $2,506.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,870
Usable credit−$0
Total buyer cash needed$11,870
Earnest money paid−$0
Remaining funds due$11,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,190.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$405.50
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$376.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.23%
Interest already paid$103,042Through Dec 2026
Assumption only · ends Aug 2052$358,705
New conventional · ends Jan 2057$444,791