Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,285/mo
+$778/mo- Down payment
- $0
- Funds due
- $17,742
- Interest + MI left
- $632,544
- First ends
- Aug 2052
New loan
New conventional
$4,507/mo
Lowest payment- Down payment
- $65,000
- Funds due
- $76,995
- Interest + MI left
- $855,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $863,854 | $585,000 |
| Second mortgage | — | — |
| First P&I | $4,858.44 | $3,962.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $117.00 |
| Taxes, insurance & HOA | $426.67 | $426.67 |
| Total housing payment | $5,285.10 | $4,506.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,742
Usable credit−$0
Total buyer cash needed$17,742
Earnest money paid−$0
Remaining funds due$17,742
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,319.27
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Prepaid interest, first (6 days)$674.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4.75%
Interest already paid$185,129Through Dec 2026
Assumption only · ends Aug 2052$632,544
New conventional · ends Jan 2057$855,367