Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,391/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,821
- Interest + MI left
- $213,541
- First ends
- May 2052
New loan
New conventional
$2,861/mo
+$471/mo- Down payment
- $37,790
- Funds due
- $46,551
- Interest + MI left
- $515,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,852 | $340,110 |
| Second mortgage | — | — |
| First P&I | $1,952.26 | $2,354.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.02 |
| Taxes, insurance & HOA | $438.50 | $438.50 |
| Total housing payment | $2,390.76 | $2,861.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,821
Usable credit−$0
Total buyer cash needed$11,821
Earnest money paid−$0
Remaining funds due$11,821
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,779.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,919.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$469.50
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$39.54
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$68,240Through Nov 2026
Assumption only · ends May 2052$213,541
New conventional · ends Dec 2056$515,800