Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,355/mo
Lowest payment- Down payment
- $0
- Funds due
- $14,112
- Interest + MI left
- $369,750
- First ends
- Jun 2052
New loan
New conventional
$3,463/mo
+$108/mo- Down payment
- $47,990
- Funds due
- $58,346
- Interest + MI left
- $631,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,853 | $431,910 |
| Second mortgage | — | — |
| First P&I | $2,903.93 | $2,925.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.38 |
| Taxes, insurance & HOA | $450.67 | $450.67 |
| Total housing payment | $3,354.60 | $3,462.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,112
Usable credit−$0
Total buyer cash needed$14,112
Earnest money paid−$0
Remaining funds due$14,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,594.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Initial HOA (3 months)$276.00
Prepaid interest, first (6 days)$398.31
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 4.67%
Interest already paid$113,798Through Dec 2026
Assumption only · ends Jun 2052$369,750
New conventional · ends Jan 2057$631,524