Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,676
- Interest + MI left
- $307,877
- First ends
- Jun 2052
New loan
New conventional
$3,009/mo
+$157/mo- Down payment
- $42,500
- Funds due
- $51,774
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $460,277 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,510.31 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $340.83 | $340.83 |
| Total housing payment | $2,851.14 | $3,008.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,676
Usable credit−$0
Total buyer cash needed$12,676
Earnest money paid−$0
Remaining funds due$12,676
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,301.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$334.43
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 4.42%
Interest already paid$95,716Through Dec 2026
Assumption only · ends Jun 2052$307,877
New conventional · ends Jan 2057$559,278