Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,668/mo
+$239/mo- Down payment
- $0
- Funds due
- $10,996
- Interest + MI left
- $343,427
- First ends
- Sep 2052
New loan
New conventional
$2,429/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,487
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,269 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,321.60 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.48 |
| Taxes, insurance & HOA | $346.17 | $346.17 |
| Total housing payment | $2,667.77 | $2,429.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,996
Usable credit−$0
Total buyer cash needed$10,996
Earnest money paid−$0
Remaining funds due$10,996
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,881.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$306.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$58.76
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 5.700%
Interest already paid$92,349Through Nov 2026
Assumption only · ends Sep 2052$343,427
New conventional · ends Dec 2056$443,459