Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,383/mo
Lowest payment- Down payment
- $0
- Funds due
- $15,404
- Interest + MI left
- $266,860
- First ends
- Mar 2052
New loan
New conventional
$4,245/mo
+$862/mo- Down payment
- $57,485
- Funds due
- $68,617
- Interest + MI left
- $784,619
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $591,502 | $517,365 |
| Second mortgage | — | — |
| First P&I | $2,823.56 | $3,582.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.47 |
| Taxes, insurance & HOA | $559.58 | $559.58 |
| Total housing payment | $3,383.14 | $4,245.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,404
Usable credit−$0
Total buyer cash needed$15,404
Earnest money paid−$0
Remaining funds due$15,404
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,748.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,957.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$653.75
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$50.89
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 4 moOf the original 30-year loan at 3.140%
Interest already paid$91,743Through Nov 2026
Assumption only · ends Mar 2052$266,860
New conventional · ends Dec 2056$784,619