Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,260/mo
+$230/mo- Down payment
- $0
- Funds due
- $12,658
- Interest + MI left
- $390,578
- First ends
- Jul 2052
New loan
New conventional
$3,029/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $50,017
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,040 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,859.15 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $400.75 | $400.75 |
| Total housing payment | $3,259.90 | $3,029.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,658
Usable credit−$0
Total buyer cash needed$12,658
Earnest money paid−$0
Remaining funds due$12,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,450.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$476.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$137.21
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 5.110%
Interest already paid$112,716Through Nov 2026
Assumption only · ends Jul 2052$390,578
New conventional · ends Dec 2056$559,613