Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,510/mo
Lowest payment- Down payment
- $45,889
- Funds due
- $67,007
- Interest + MI left
- $543,070
- First ends
- Jun 2052
New loan
New conventional
$6,253/mo
+$743/mo- Down payment
- $74,900
- Funds due
- $91,042
- Interest + MI left
- $1,022,318
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $703,111 | $674,100 |
| Second mortgage | — | — |
| First P&I | $4,059.22 | $4,667.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.82 |
| Taxes, insurance & HOA | $1,450.83 | $1,450.83 |
| Total housing payment | $5,510.06 | $6,252.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,889
Closing costs & prepaids$21,118
Usable credit−$0
Total buyer cash needed$67,007
Earnest money paid−$0
Remaining funds due$67,007
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,515.56
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,872.50
Initial HOA (3 months)$1,830.00
Prepaid interest, first (2 days)$192.25
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 7 moOf the original 30-year loan at 4.990%
Interest already paid$161,230Through Nov 2026
Assumption only · ends Jun 2052$543,070
New conventional · ends Dec 2056$1,022,318