Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,598/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,196
- Interest + MI left
- $261,166
- First ends
- Sep 2052
New loan
New conventional
$2,990/mo
+$392/mo- Down payment
- $39,500
- Funds due
- $48,547
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,381 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,140.47 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $457.50 | $457.50 |
| Total housing payment | $2,597.97 | $2,990.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,196
Usable credit−$0
Total buyer cash needed$12,196
Earnest money paid−$0
Remaining funds due$12,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,011.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$607.50
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$93.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.250%
Interest already paid$74,296Through Nov 2026
Assumption only · ends Sep 2052$261,166
New conventional · ends Dec 2056$539,140