Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,580/mo
+$327/mo- Down payment
- $0
- Funds due
- $10,960
- Interest + MI left
- $339,073
- First ends
- Sep 2052
New loan
New conventional
$2,253/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,473
- Interest + MI left
- $414,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,912 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,304.16 | $1,920.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $276.00 | $276.00 |
| Total housing payment | $2,580.16 | $2,253.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,960
Usable credit−$0
Total buyer cash needed$10,960
Earnest money paid−$0
Remaining funds due$10,960
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,864.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$378.00
Prepaid interest, first (6 days)$349.41
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 9 moOf the original 30-year loan at 5.7%
Interest already paid$93,430Through Dec 2026
Assumption only · ends Sep 2052$339,073
New conventional · ends Jan 2057$414,524