Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,185/mo
Lowest payment- Down payment
- $29,199
- Funds due
- $45,811
- Interest + MI left
- $459,115
- First ends
- Jul 2052
New loan
New conventional
$4,751/mo
+$566/mo- Down payment
- $62,000
- Funds due
- $74,309
- Interest + MI left
- $846,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $590,801 | $558,000 |
| Second mortgage | — | — |
| First P&I | $3,408.82 | $3,863.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.60 |
| Taxes, insurance & HOA | $775.92 | $775.92 |
| Total housing payment | $4,184.74 | $4,751.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,199
Closing costs & prepaids$16,612
Usable credit−$0
Total buyer cash needed$45,811
Earnest money paid−$0
Remaining funds due$45,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,954.01
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,750.75
Initial HOA (3 months)$77.01
Prepaid interest, first (2 days)$161.86
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 8 moOf the original 30-year loan at 5.000%
Interest already paid$133,060Through Nov 2026
Assumption only · ends Jul 2052$459,115
New conventional · ends Dec 2056$846,245