Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,102
- Interest + MI left
- $177,164
- First ends
- Jan 2052
New loan
New conventional
$2,935/mo
+$525/mo- Down payment
- $38,990
- Funds due
- $47,849
- Interest + MI left
- $532,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,218 | $350,910 |
| Second mortgage | — | — |
| First P&I | $1,974.77 | $2,429.63 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.18 |
| Taxes, insurance & HOA | $434.75 | $434.75 |
| Total housing payment | $2,409.52 | $2,934.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,102
Usable credit−$0
Total buyer cash needed$12,102
Earnest money paid−$0
Remaining funds due$12,102
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,096.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$479.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$34.23
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 2 moOf the original 30-year loan at 2.980%
Interest already paid$64,159Through Nov 2026
Assumption only · ends Jan 2052$177,164
New conventional · ends Dec 2056$532,179