Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,260/mo
+$361/mo- Down payment
- $0
- Funds due
- $13,014
- Interest + MI left
- $388,491
- First ends
- Jul 2052
New loan
New conventional
$2,899/mo
Lowest payment- Down payment
- $39,800
- Funds due
- $49,195
- Interest + MI left
- $523,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $489,267 | $358,200 |
| Second mortgage | — | — |
| First P&I | $2,859.15 | $2,426.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.64 |
| Taxes, insurance & HOA | $401.17 | $401.17 |
| Total housing payment | $3,260.32 | $2,899.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,014
Usable credit−$0
Total buyer cash needed$13,014
Earnest money paid−$0
Remaining funds due$13,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,446.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$477.50
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$616.48
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 7 moOf the original 30-year loan at 5.11%
Interest already paid$114,802Through Dec 2026
Assumption only · ends Jul 2052$388,491
New conventional · ends Jan 2057$523,748