Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
+$284/mo- Down payment
- $0
- Funds due
- $11,712
- Interest + MI left
- $288,588
- First ends
- Jun 2052
New loan
New conventional
$2,475/mo
Lowest payment- Down payment
- $28,900
- Funds due
- $37,765
- Interest + MI left
- $380,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,515 | $260,100 |
| Second mortgage | — | — |
| First P&I | $2,098.37 | $1,762.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.02 |
| Taxes, insurance & HOA | $660.58 | $660.58 |
| Total housing payment | $2,758.96 | $2,474.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,712
Usable credit−$0
Total buyer cash needed$11,712
Earnest money paid−$0
Remaining funds due$11,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,767.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$346.75
Initial HOA (3 months)$1,185.00
Prepaid interest, first (6 days)$305.09
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 6 moOf the original 30-year loan at 5.25%
Interest already paid$86,827Through Dec 2026
Assumption only · ends Jun 2052$288,588
New conventional · ends Jan 2057$380,309