Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
+$378/mo- Down payment
- $0
- Funds due
- $9,820
- Interest + MI left
- $270,999
- First ends
- Nov 2052
New loan
New conventional
$1,862/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $31,140
- Interest + MI left
- $327,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,720 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,915.76 | $1,494.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.18 |
| Taxes, insurance & HOA | $324.17 | $324.17 |
| Total housing payment | $2,239.93 | $1,862.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,820
Usable credit−$0
Total buyer cash needed$9,820
Earnest money paid−$0
Remaining funds due$9,820
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,633.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$357.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$46.73
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$70,575Through Nov 2026
Assumption only · ends Nov 2052$270,999
New conventional · ends Dec 2056$327,442