Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,180/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,478
- Interest + MI left
- $223,937
- First ends
- Aug 2052
New loan
New conventional
$2,208/mo
+$29/mo- Down payment
- $25,500
- Funds due
- $33,583
- Interest + MI left
- $348,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,430 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,606.37 | $1,589.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.90 |
| Taxes, insurance & HOA | $573.25 | $573.25 |
| Total housing payment | $2,179.62 | $2,208.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,478
Usable credit−$0
Total buyer cash needed$10,478
Earnest money paid−$0
Remaining funds due$10,478
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$105.75
Initial HOA (3 months)$1,164.00
Prepaid interest, first (2 days)$78.07
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$62,800Through Nov 2026
Assumption only · ends Aug 2052$223,937
New conventional · ends Dec 2056$348,052