Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,587/mo
Lowest payment- Down payment
- $10,937
- Funds due
- $23,012
- Interest + MI left
- $312,293
- First ends
- Sep 2052
New loan
New conventional
$2,783/mo
+$195/mo- Down payment
- $38,500
- Funds due
- $47,651
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,063 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,221.22 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $366.00 | $366.00 |
| Total housing payment | $2,587.22 | $2,782.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,937
Closing costs & prepaids$12,075
Usable credit−$0
Total buyer cash needed$23,012
Earnest money paid−$0
Remaining funds due$23,012
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,870.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$488.84
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 9 moOf the original 30-year loan at 5.3%
Interest already paid$87,345Through Dec 2026
Assumption only · ends Sep 2052$312,293
New conventional · ends Jan 2057$506,640