Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,982/mo
+$414/mo- Down payment
- $0
- Funds due
- $11,760
- Interest + MI left
- $335,421
- First ends
- Jul 2052
New loan
New conventional
$2,569/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,964
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,644 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,496.97 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.48 |
| Taxes, insurance & HOA | $485.50 | $485.50 |
| Total housing payment | $2,982.47 | $2,568.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,760
Usable credit−$0
Total buyer cash needed$11,760
Earnest money paid−$0
Remaining funds due$11,760
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,168.22
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$568.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$118.33
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$97,287Through Nov 2026
Assumption only · ends Jul 2052$335,421
New conventional · ends Dec 2056$443,459