Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,192/mo
Lowest payment- Down payment
- $20,019
- Funds due
- $30,904
- Interest + MI left
- $261,406
- First ends
- Jul 2052
New loan
New conventional
$2,326/mo
+$135/mo- Down payment
- $30,500
- Funds due
- $38,942
- Interest + MI left
- $401,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,981 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,779.76 | $1,859.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.90 |
| Taxes, insurance & HOA | $412.00 | $412.00 |
| Total housing payment | $2,191.76 | $2,326.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,019
Closing costs & prepaids$10,885
Usable credit−$0
Total buyer cash needed$30,904
Earnest money paid−$0
Remaining funds due$30,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,424.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$366.00
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$406.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$75,325Through Dec 2026
Assumption only · ends Jul 2052$261,406
New conventional · ends Jan 2057$401,364