Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,688/mo
+$401/mo- Down payment
- $0
- Funds due
- $11,195
- Interest + MI left
- $318,292
- First ends
- Sep 2052
New loan
New conventional
$2,287/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $38,144
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,217 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,283.20 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $404.92 | $404.92 |
| Total housing payment | $2,688.12 | $2,287.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$11,195
Earnest money paid−$0
Remaining funds due$11,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,936.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$764.75
Prepaid interest, first (5 days)$277.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 5.23%
Interest already paid$89,261Through Dec 2026
Assumption only · ends Sep 2052$318,292
New conventional · ends Jan 2057$394,653