Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
+$135/mo- Down payment
- $0
- Funds due
- $10,783
- Interest + MI left
- $197,040
- First ends
- May 2052
New loan
New conventional
$2,203/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $33,960
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,191 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,801.41 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.78 |
| Taxes, insurance & HOA | $536.25 | $536.25 |
| Total housing payment | $2,337.66 | $2,202.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,783
Usable credit−$0
Total buyer cash needed$10,783
Earnest money paid−$0
Remaining funds due$10,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,770.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$648.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$36.49
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$62,967Through Nov 2026
Assumption only · ends May 2052$197,040
New conventional · ends Dec 2056$354,740