Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
+$314/mo- Down payment
- $0
- Funds due
- $11,490
- Interest + MI left
- $341,640
- First ends
- Sep 2052
New loan
New conventional
$2,380/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $40,470
- Interest + MI left
- $420,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,735 | $287,910 |
| Second mortgage | — | — |
| First P&I | $2,321.60 | $1,950.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.58 |
| Taxes, insurance & HOA | $372.00 | $372.00 |
| Total housing payment | $2,693.60 | $2,379.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,490
Usable credit−$0
Total buyer cash needed$11,490
Earnest money paid−$0
Remaining funds due$11,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,878.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$384.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$528.09
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 5.7%
Interest already paid$94,137Through Dec 2026
Assumption only · ends Sep 2052$341,640
New conventional · ends Jan 2057$420,972