Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,930/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,332
- Interest + MI left
- $255,909
- First ends
- Apr 2052
New loan
New conventional
$3,139/mo
+$209/mo- Down payment
- $43,500
- Funds due
- $53,310
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $510,584 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,521.36 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $409.00 | $409.00 |
| Total housing payment | $2,930.36 | $3,139.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,332
Usable credit−$0
Total buyer cash needed$13,332
Earnest money paid−$0
Remaining funds due$13,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,552.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$434.35
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 closing25 yr 4 moOf the original 30-year loan at 3.45%
Interest already paid$86,780Through Dec 2026
Assumption only · ends Apr 2052$255,909
New conventional · ends Jan 2057$572,438