Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
+$170/mo- Down payment
- $0
- Funds due
- $10,734
- Interest + MI left
- $195,930
- First ends
- May 2052
New loan
New conventional
$2,055/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $33,990
- Interest + MI left
- $342,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,499 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,801.41 | $1,584.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.78 |
| Taxes, insurance & HOA | $424.00 | $424.00 |
| Total housing payment | $2,225.41 | $2,055.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,734
Usable credit−$0
Total buyer cash needed$10,734
Earnest money paid−$0
Remaining funds due$10,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,767.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$312.00
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$327.74
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$64,077Through Dec 2026
Assumption only · ends May 2052$195,930
New conventional · ends Jan 2057$342,015