Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
+$190/mo- Down payment
- $0
- Funds due
- $12,270
- Interest + MI left
- $298,136
- First ends
- Jun 2052
New loan
New conventional
$2,809/mo
Lowest payment- Down payment
- $36,300
- Funds due
- $45,053
- Interest + MI left
- $495,463
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,675 | $326,700 |
| Second mortgage | — | — |
| First P&I | $2,517.30 | $2,262.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.34 |
| Taxes, insurance & HOA | $481.59 | $481.59 |
| Total housing payment | $2,998.89 | $2,808.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$12,270
Earnest money paid−$0
Remaining funds due$12,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,373.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$638.75
Initial HOA (3 months)$356.01
Prepaid interest, first (1 days)$54.23
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$91,476Through Nov 2026
Assumption only · ends Jun 2052$298,136
New conventional · ends Dec 2056$495,463