Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,993/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,919
- Interest + MI left
- $309,907
- First ends
- Jun 2052
New loan
New conventional
$3,425/mo
+$432/mo- Down payment
- $48,800
- Funds due
- $59,230
- Interest + MI left
- $642,183
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $495,254 | $439,200 |
| Second mortgage | — | — |
| First P&I | $2,631.25 | $2,975.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.84 |
| Taxes, insurance & HOA | $361.83 | $361.83 |
| Total housing payment | $2,993.08 | $3,424.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,919
Usable credit−$0
Total buyer cash needed$13,919
Earnest money paid−$0
Remaining funds due$13,919
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,476.27
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$585.50
Prepaid interest, first (9 days)$509.23
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$97,341Through Dec 2026
Assumption only · ends Jun 2052$309,907
New conventional · ends Jan 2057$642,183