Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
Lowest payment- Down payment
- $25,430
- Funds due
- $37,109
- Interest + MI left
- $278,893
- First ends
- Aug 2052
New loan
New conventional
$2,716/mo
+$286/mo- Down payment
- $36,600
- Funds due
- $45,513
- Interest + MI left
- $481,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,570 | $329,400 |
| Second mortgage | — | — |
| First P&I | $2,011.24 | $2,231.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.88 |
| Taxes, insurance & HOA | $418.42 | $418.42 |
| Total housing payment | $2,429.66 | $2,715.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,430
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$37,109
Earnest money paid−$0
Remaining funds due$37,109
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,660.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,702.85
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$439.25
Initial HOA (3 months)$366.00
Prepaid interest, first (6 days)$292.80
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$80,115Through Dec 2026
Assumption only · ends Aug 2052$278,893
New conventional · ends Jan 2057$481,637