Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,275/mo
Lowest payment- Down payment
- $57,508
- Funds due
- $75,366
- Interest + MI left
- $439,676
- First ends
- Aug 2052
New loan
New conventional
$5,155/mo
+$880/mo- Down payment
- $69,990
- Funds due
- $83,368
- Interest + MI left
- $921,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $642,392 | $629,910 |
| Second mortgage | — | — |
| First P&I | $3,513.21 | $4,267.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.98 |
| Taxes, insurance & HOA | $761.58 | $761.58 |
| Total housing payment | $4,274.79 | $5,154.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,508
Closing costs & prepaids$17,858
Usable credit−$0
Total buyer cash needed$75,366
Earnest money paid−$0
Remaining funds due$75,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,211.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,784.75
Prepaid interest, first (5 days)$394.24
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 8 moOf the original 30-year loan at 4.48%
Interest already paid$130,079Through Dec 2026
Assumption only · ends Aug 2052$439,676
New conventional · ends Jan 2057$921,033