Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,112/mo
+$424/mo- Down payment
- $0
- Funds due
- $12,167
- Interest + MI left
- $408,039
- First ends
- Jul 2052
New loan
New conventional
$2,688/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,250
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,838 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,778.10 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $334.00 | $334.00 |
| Total housing payment | $3,112.10 | $2,687.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,167
Usable credit−$0
Total buyer cash needed$12,167
Earnest money paid−$0
Remaining funds due$12,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,224.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Initial HOA (3 months)$102.00
Prepaid interest, first (6 days)$422.66
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 7 moOf the original 30-year loan at 5.78%
Interest already paid$117,578Through Dec 2026
Assumption only · ends Jul 2052$408,039
New conventional · ends Jan 2057$493,481