Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,907/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,213
- Interest + MI left
- $311,631
- First ends
- Jun 2052
New loan
New conventional
$3,405/mo
+$498/mo- Down payment
- $48,800
- Funds due
- $58,283
- Interest + MI left
- $666,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,161 | $439,200 |
| Second mortgage | — | — |
| First P&I | $2,631.25 | $3,040.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.84 |
| Taxes, insurance & HOA | $275.75 | $275.75 |
| Total housing payment | $2,907.00 | $3,404.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$13,213
Earnest money paid−$0
Remaining funds due$13,213
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,480.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$327.25
Prepaid interest, first (1 days)$56.68
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$95,617Through Nov 2026
Assumption only · ends Jun 2052$311,631
New conventional · ends Dec 2056$666,076