Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,320/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,920
- Interest + MI left
- $178,597
- First ends
- Jan 2052
New loan
New conventional
$2,685/mo
+$366/mo- Down payment
- $37,000
- Funds due
- $45,984
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,397 | $333,000 |
| Second mortgage | — | — |
| First P&I | $1,956.79 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $363.00 | $363.00 |
| Total housing payment | $2,319.79 | $2,685.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,920
Usable credit−$0
Total buyer cash needed$11,920
Earnest money paid−$0
Remaining funds due$11,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,051.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$310.66
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$65,847Through Dec 2026
Assumption only · ends Jan 2052$178,597
New conventional · ends Jan 2057$486,901