Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
+$239/mo- Down payment
- $0
- Funds due
- $12,496
- Interest + MI left
- $296,486
- First ends
- Jun 2052
New loan
New conventional
$2,692/mo
Lowest payment- Down payment
- $36,300
- Funds due
- $45,362
- Interest + MI left
- $477,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,807 | $326,700 |
| Second mortgage | — | — |
| First P&I | $2,517.30 | $2,213.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.34 |
| Taxes, insurance & HOA | $413.84 | $413.84 |
| Total housing payment | $2,931.14 | $2,692.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,496
Usable credit−$0
Total buyer cash needed$12,496
Earnest money paid−$0
Remaining funds due$12,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,369.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$435.50
Initial HOA (3 months)$356.01
Prepaid interest, first (9 days)$487.18
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$93,126Through Dec 2026
Assumption only · ends Jun 2052$296,486
New conventional · ends Jan 2057$477,689