Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,112/mo
+$298/mo- Down payment
- $0
- Funds due
- $10,066
- Interest + MI left
- $237,444
- First ends
- Dec 2052
New loan
New conventional
$1,813/mo
Lowest payment- Down payment
- $21,990
- Funds due
- $29,593
- Interest + MI left
- $289,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,266 | $197,910 |
| Second mortgage | — | — |
| First P&I | $1,678.56 | $1,340.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.58 |
| Taxes, insurance & HOA | $433.00 | $433.00 |
| Total housing payment | $2,111.56 | $1,813.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,066
Usable credit−$0
Total buyer cash needed$10,066
Earnest money paid−$0
Remaining funds due$10,066
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,431.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$264.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$368.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.22%
Interest already paid$61,837Through Dec 2026
Assumption only · ends Dec 2052$237,444
New conventional · ends Jan 2057$289,377