Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,076/mo
+$237/mo- Down payment
- $0
- Funds due
- $9,683
- Interest + MI left
- $238,691
- First ends
- Dec 2052
New loan
New conventional
$1,839/mo
Lowest payment- Down payment
- $22,490
- Funds due
- $29,721
- Interest + MI left
- $306,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,697 | $202,410 |
| Second mortgage | — | — |
| First P&I | $1,678.56 | $1,401.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.48 |
| Taxes, insurance & HOA | $397.08 | $397.08 |
| Total housing payment | $2,075.64 | $1,839.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,683
Usable credit−$0
Total buyer cash needed$9,683
Earnest money paid−$0
Remaining funds due$9,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,433.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$156.25
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$41.00
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 closing26 yr 1 moOf the original 30-year loan at 5.220%
Interest already paid$60,590Through Nov 2026
Assumption only · ends Dec 2052$238,691
New conventional · ends Dec 2056$306,968