Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,565/mo
Lowest payment- Down payment
- $62,623
- Funds due
- $81,656
- Interest + MI left
- $504,002
- First ends
- Jul 2052
New loan
New conventional
$5,660/mo
+$1,096/mo- Down payment
- $79,900
- Funds due
- $93,770
- Interest + MI left
- $1,090,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $736,377 | $719,100 |
| Second mortgage | — | — |
| First P&I | $4,027.20 | $4,978.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $143.82 |
| Taxes, insurance & HOA | $537.33 | $537.33 |
| Total housing payment | $4,564.54 | $5,660.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,623
Closing costs & prepaids$19,033
Usable credit−$0
Total buyer cash needed$81,656
Earnest money paid−$0
Remaining funds due$81,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,681.88
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$962.00
Prepaid interest, first (2 days)$180.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.480%
Interest already paid$149,110Through Nov 2026
Assumption only · ends Jul 2052$504,002
New conventional · ends Dec 2056$1,090,564