Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,796
- Interest + MI left
- $324,097
- First ends
- Aug 2052
New loan
New conventional
$2,458/mo
+$6/mo- Down payment
- $34,150
- Funds due
- $42,065
- Interest + MI left
- $466,117
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,638 | $307,350 |
| Second mortgage | — | — |
| First P&I | $2,183.61 | $2,128.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.47 |
| Taxes, insurance & HOA | $268.17 | $268.17 |
| Total housing payment | $2,451.77 | $2,457.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,796
Usable credit−$0
Total buyer cash needed$10,796
Earnest money paid−$0
Remaining funds due$10,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,415.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,753.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$354.50
Prepaid interest, first (1 days)$55.53
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 9 moOf the original 30-year loan at 5.780%
Interest already paid$89,041Through Nov 2026
Assumption only · ends Aug 2052$324,097
New conventional · ends Dec 2056$466,117