Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
+$410/mo- Down payment
- $0
- Funds due
- $10,121
- Interest + MI left
- $269,577
- First ends
- Nov 2052
New loan
New conventional
$1,807/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $31,409
- Interest + MI left
- $315,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,225 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,915.76 | $1,462.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.18 |
| Taxes, insurance & HOA | $301.00 | $301.00 |
| Total housing payment | $2,216.76 | $1,806.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,121
Usable credit−$0
Total buyer cash needed$10,121
Earnest money paid−$0
Remaining funds due$10,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,631.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$288.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$419.89
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$71,996Through Dec 2026
Assumption only · ends Nov 2052$269,577
New conventional · ends Jan 2057$315,696