Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
+$342/mo- Down payment
- $0
- Funds due
- $12,383
- Interest + MI left
- $380,199
- First ends
- Sep 2052
New loan
New conventional
$2,687/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $46,906
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,530 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,727.28 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $302.00 | $302.00 |
| Total housing payment | $3,029.28 | $2,687.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,383
Usable credit−$0
Total buyer cash needed$12,383
Earnest money paid−$0
Remaining funds due$12,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Prepaid interest, first (9 days)$596.47
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 9 moOf the original 30-year loan at 5.23%
Interest already paid$106,622Through Dec 2026
Assumption only · ends Sep 2052$380,199
New conventional · ends Jan 2057$500,061