Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,256/mo
Lowest payment- Down payment
- $19,614
- Funds due
- $30,334
- Interest + MI left
- $262,780
- First ends
- Jul 2052
New loan
New conventional
$2,432/mo
+$176/mo- Down payment
- $30,500
- Funds due
- $38,705
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,386 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,779.76 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.90 |
| Taxes, insurance & HOA | $476.42 | $476.42 |
| Total housing payment | $2,256.18 | $2,431.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,614
Closing costs & prepaids$10,719
Usable credit−$0
Total buyer cash needed$30,334
Earnest money paid−$0
Remaining funds due$30,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,426.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$559.25
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$45.19
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 8 moOf the original 30-year loan at 5.780%
Interest already paid$73,950Through Nov 2026
Assumption only · ends Jul 2052$262,780
New conventional · ends Dec 2056$416,298