Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,417/mo
Lowest payment- Down payment
- $63,083
- Funds due
- $83,896
- Interest + MI left
- $602,806
- First ends
- Aug 2052
New loan
New conventional
$6,274/mo
+$857/mo- Down payment
- $82,000
- Funds due
- $97,503
- Interest + MI left
- $1,119,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $756,917 | $738,000 |
| Second mortgage | — | — |
| First P&I | $4,400.40 | $5,109.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $147.60 |
| Taxes, insurance & HOA | $1,016.25 | $1,016.25 |
| Total housing payment | $5,416.65 | $6,273.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,083
Closing costs & prepaids$20,812
Usable credit−$0
Total buyer cash needed$83,896
Earnest money paid−$0
Remaining funds due$83,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,784.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,693.75
Initial HOA (3 months)$705.00
Prepaid interest, first (2 days)$211.11
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 9 moOf the original 30-year loan at 5.090%
Interest already paid$169,958Through Nov 2026
Assumption only · ends Aug 2052$602,806
New conventional · ends Dec 2056$1,119,227