Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,873/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,741
- Interest + MI left
- $343,803
- First ends
- Aug 2052
New loan
New conventional
$2,999/mo
+$126/mo- Down payment
- $41,500
- Funds due
- $51,053
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,835 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,479.35 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $394.00 | $394.00 |
| Total housing payment | $2,873.35 | $2,998.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,741
Usable credit−$0
Total buyer cash needed$12,741
Earnest money paid−$0
Remaining funds due$12,741
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,099.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$541.41
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$98,761Through Dec 2026
Assumption only · ends Aug 2052$343,803
New conventional · ends Jan 2057$546,119