Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,960/mo
+$364/mo- Down payment
- $0
- Funds due
- $11,536
- Interest + MI left
- $398,615
- First ends
- Dec 2052
New loan
New conventional
$2,595/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,405
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,772 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,544.37 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $415.17 | $415.17 |
| Total housing payment | $2,959.53 | $2,595.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,536
Usable credit−$0
Total buyer cash needed$11,536
Earnest money paid−$0
Remaining funds due$11,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,988.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$549.50
Initial HOA (3 months)$246.00
Prepaid interest, first (2 days)$133.17
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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$97,938Through Nov 2026
Assumption only · ends Dec 2052$398,615
New conventional · ends Dec 2056$464,070