Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,261/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,366
- Interest + MI left
- $206,380
- First ends
- May 2052
New loan
New conventional
$2,435/mo
+$173/mo- Down payment
- $32,990
- Funds due
- $41,552
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,353 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,897.48 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $364.00 | $364.00 |
| Total housing payment | $2,261.48 | $2,434.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,366
Usable credit−$0
Total buyer cash needed$11,366
Earnest money paid−$0
Remaining funds due$11,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,861.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$345.22
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$67,494Through Dec 2026
Assumption only · ends May 2052$206,380
New conventional · ends Jan 2057$434,132