Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,108/mo
Lowest payment- Down payment
- $0
- Funds due
- $16,080
- Interest + MI left
- $475,411
- First ends
- Aug 2052
New loan
New conventional
$4,216/mo
+$108/mo- Down payment
- $59,900
- Funds due
- $71,471
- Interest + MI left
- $788,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $649,261 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,651.53 | $3,652.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $456.25 | $456.25 |
| Total housing payment | $4,107.78 | $4,216.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,080
Usable credit−$0
Total buyer cash needed$16,080
Earnest money paid−$0
Remaining funds due$16,080
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,246.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$506.96
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$139,140Through Dec 2026
Assumption only · ends Aug 2052$475,411
New conventional · ends Jan 2057$788,253