Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,116/mo
+$397/mo- Down payment
- $0
- Funds due
- $14,759
- Interest + MI left
- $475,441
- First ends
- Aug 2052
New loan
New conventional
$3,719/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $57,607
- Interest + MI left
- $641,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $578,396 | $423,000 |
| Second mortgage | — | — |
| First P&I | $3,410.48 | $2,928.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.60 |
| Taxes, insurance & HOA | $705.33 | $705.33 |
| Total housing payment | $4,115.81 | $3,718.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,759
Usable credit−$0
Total buyer cash needed$14,759
Earnest money paid−$0
Remaining funds due$14,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,891.98
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,616.00
Prepaid interest, first (1 days)$82.88
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$133,331Through Nov 2026
Assumption only · ends Aug 2052$475,441
New conventional · ends Dec 2056$641,508