Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,563/mo
Lowest payment- Down payment
- $48,623
- Funds due
- $65,781
- Interest + MI left
- $549,262
- First ends
- Dec 2052
New loan
New conventional
$4,958/mo
+$394/mo- Down payment
- $61,990
- Funds due
- $74,920
- Interest + MI left
- $846,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $571,277 | $557,910 |
| Second mortgage | — | — |
| First P&I | $3,579.99 | $3,862.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.58 |
| Taxes, insurance & HOA | $983.25 | $983.25 |
| Total housing payment | $4,563.24 | $4,957.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,623
Closing costs & prepaids$17,158
Usable credit−$0
Total buyer cash needed$65,781
Earnest money paid−$0
Remaining funds due$65,781
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,856.38
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,549.75
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$184.69
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 closing26 yr 1 moOf the original 30-year loan at 5.900%
Interest already paid$135,966Through Nov 2026
Assumption only · ends Dec 2052$549,262
New conventional · ends Dec 2056$846,108