Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,017/mo
+$291/mo- Down payment
- $0
- Funds due
- $11,819
- Interest + MI left
- $382,218
- First ends
- Sep 2052
New loan
New conventional
$2,726/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $46,333
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $463,239 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,727.28 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $289.42 | $289.42 |
| Total housing payment | $3,016.70 | $2,725.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,819
Usable credit−$0
Total buyer cash needed$11,819
Earnest money paid−$0
Remaining funds due$11,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$418.25
Prepaid interest, first (1 days)$66.38
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 10 moOf the original 30-year loan at 5.230%
Interest already paid$104,603Through Nov 2026
Assumption only · ends Sep 2052$382,218
New conventional · ends Dec 2056$518,666