Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,944/mo
+$141/mo- Down payment
- $0
- Funds due
- $12,229
- Interest + MI left
- $302,997
- First ends
- Jul 2052
New loan
New conventional
$2,803/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,175
- Interest + MI left
- $511,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,629 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,544.24 | $2,336.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.48 |
| Taxes, insurance & HOA | $399.58 | $399.58 |
| Total housing payment | $2,943.82 | $2,803.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,229
Usable credit−$0
Total buyer cash needed$12,229
Earnest money paid−$0
Remaining funds due$12,229
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,403.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$580.75
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$109.82
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 4.170%
Interest already paid$90,785Through Nov 2026
Assumption only · ends Jul 2052$302,997
New conventional · ends Dec 2056$511,705