Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,182/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,465
- Interest + MI left
- $171,959
- First ends
- Mar 2052
New loan
New conventional
$2,716/mo
+$534/mo- Down payment
- $36,990
- Funds due
- $45,394
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,626 | $332,910 |
| Second mortgage | — | — |
| First P&I | $1,837.45 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.58 |
| Taxes, insurance & HOA | $344.17 | $344.17 |
| Total housing payment | $2,181.62 | $2,715.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,465
Usable credit−$0
Total buyer cash needed$11,465
Earnest money paid−$0
Remaining funds due$11,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,933.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$369.50
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$32.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.100%
Interest already paid$59,223Through Nov 2026
Assumption only · ends Mar 2052$171,959
New conventional · ends Dec 2056$504,880