Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,007
- Interest + MI left
- $258,037
- First ends
- Nov 2052
New loan
New conventional
$2,433/mo
+$54/mo- Down payment
- $29,300
- Funds due
- $37,683
- Interest + MI left
- $399,919
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,093 | $263,700 |
| Second mortgage | — | — |
| First P&I | $1,824.14 | $1,825.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.74 |
| Taxes, insurance & HOA | $554.83 | $554.83 |
| Total housing payment | $2,378.97 | $2,433.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,007
Usable credit−$0
Total buyer cash needed$11,007
Earnest money paid−$0
Remaining funds due$11,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,555.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$164.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$88.98
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 yrOf the original 30-year loan at 5.220%
Interest already paid$67,200Through Nov 2026
Assumption only · ends Nov 2052$258,037
New conventional · ends Dec 2056$399,919