Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,307/mo
Lowest payment- Down payment
- $11,722
- Funds due
- $23,217
- Interest + MI left
- $231,037
- First ends
- Aug 2052
New loan
New conventional
$2,769/mo
+$462/mo- Down payment
- $36,900
- Funds due
- $45,472
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,278 | $332,100 |
| Second mortgage | — | — |
| First P&I | $1,903.93 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $403.00 | $403.00 |
| Total housing payment | $2,306.93 | $2,768.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,722
Closing costs & prepaids$11,495
Usable credit−$0
Total buyer cash needed$23,217
Earnest money paid−$0
Remaining funds due$23,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,786.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$483.00
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$41.60
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 9 moOf the original 30-year loan at 4.250%
Interest already paid$67,353Through Nov 2026
Assumption only · ends Aug 2052$231,037
New conventional · ends Dec 2056$503,652