Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,010/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,101
- Interest + MI left
- $318,885
- First ends
- Jun 2052
New loan
New conventional
$3,046/mo
+$36/mo- Down payment
- $42,000
- Funds due
- $51,654
- Interest + MI left
- $552,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $476,735 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,600.06 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $410.00 | $410.00 |
| Total housing payment | $3,010.06 | $3,046.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,101
Usable credit−$0
Total buyer cash needed$13,101
Earnest money paid−$0
Remaining funds due$13,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,383.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$519.58
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 6 moOf the original 30-year loan at 4.42%
Interest already paid$99,138Through Dec 2026
Assumption only · ends Jun 2052$318,885
New conventional · ends Jan 2057$552,699