Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,965/mo
Lowest payment- Down payment
- $50,684
- Funds due
- $65,656
- Interest + MI left
- $194,828
- First ends
- Oct 2051
New loan
New conventional
$4,170/mo
+$1,205/mo- Down payment
- $55,000
- Funds due
- $66,256
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,316 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,321.55 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $643.58 | $643.58 |
| Total housing payment | $2,965.14 | $4,169.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,684
Closing costs & prepaids$14,972
Usable credit−$0
Total buyer cash needed$65,656
Earnest money paid−$0
Remaining funds due$65,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,496.58
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,430.75
Prepaid interest, first (2 days)$76.61
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 closing24 yr 11 moOf the original 30-year loan at 2.800%
Interest already paid$75,931Through Nov 2026
Assumption only · ends Oct 2051$194,828
New conventional · ends Dec 2056$750,701