Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,361/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,920
- Interest + MI left
- $182,668
- First ends
- Feb 2052
New loan
New conventional
$2,851/mo
+$490/mo- Down payment
- $38,500
- Funds due
- $47,229
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $416,684 | $346,500 |
| Second mortgage | — | — |
| First P&I | $1,978.06 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $382.83 | $382.83 |
| Total housing payment | $2,360.89 | $2,851.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,920
Usable credit−$0
Total buyer cash needed$11,920
Earnest money paid−$0
Remaining funds due$11,920
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%)$2,083.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$485.50
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$70.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 3.070%
Interest already paid$64,433Through Nov 2026
Assumption only · ends Feb 2052$182,668
New conventional · ends Dec 2056$525,491