Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,840
- Interest + MI left
- $132,500
- First ends
- Mar 2052
New loan
New conventional
$2,274/mo
+$333/mo- Down payment
- $28,000
- Funds due
- $36,489
- Interest + MI left
- $368,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,999 | $251,999 |
| Second mortgage | — | — |
| First P&I | $1,424.09 | $1,707.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $516.00 | $516.00 |
| Total housing payment | $1,940.09 | $2,273.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,840
Usable credit−$0
Total buyer cash needed$10,840
Earnest money paid−$0
Remaining funds due$10,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,495.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Initial HOA (3 months)$762.00
Prepaid interest, first (9 days)$228.55
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$46,674Through Dec 2026
Assumption only · ends Mar 2052$132,500
New conventional · ends Jan 2057$368,464