Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,554/mo
Lowest payment- Down payment
- $10,370
- Funds due
- $21,914
- Interest + MI left
- $313,948
- First ends
- Sep 2052
New loan
New conventional
$2,801/mo
+$247/mo- Down payment
- $38,500
- Funds due
- $47,008
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,630 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,221.22 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $332.67 | $332.67 |
| Total housing payment | $2,553.89 | $2,801.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,370
Closing costs & prepaids$11,544
Usable credit−$0
Total buyer cash needed$21,914
Earnest money paid−$0
Remaining funds due$21,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,873.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$362.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$54.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 5.300%
Interest already paid$85,691Through Nov 2026
Assumption only · ends Sep 2052$313,948
New conventional · ends Dec 2056$525,491