Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,494/mo
Lowest payment- Down payment
- $44,887
- Funds due
- $70,321
- Interest + MI left
- $463,754
- First ends
- Jul 2052
New loan
New conventional
$7,903/mo
+$1,409/mo- Down payment
- $87,490
- Funds due
- $107,180
- Interest + MI left
- $1,194,160
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $830,013 | $787,410 |
| Second mortgage | — | — |
| First P&I | $4,200.54 | $5,451.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $157.48 |
| Taxes, insurance & HOA | $2,293.75 | $2,293.75 |
| Total housing payment | $6,494.29 | $7,903.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,887
Closing costs & prepaids$25,434
Usable credit−$0
Total buyer cash needed$70,321
Earnest money paid−$0
Remaining funds due$70,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,150.06
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,874.25
Initial HOA (3 months)$3,357.00
Prepaid interest, first (1 days)$85.28
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 8 moOf the original 30-year loan at 3.750%
Interest already paid$141,423Through Nov 2026
Assumption only · ends Jul 2052$463,754
New conventional · ends Dec 2056$1,194,160