Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,421/mo
Lowest payment- Down payment
- $46,868
- Funds due
- $61,615
- Interest + MI left
- $420,204
- First ends
- Aug 2052
New loan
New conventional
$3,906/mo
+$485/mo- Down payment
- $56,000
- Funds due
- $66,982
- Interest + MI left
- $736,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,132 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,030.31 | $3,414.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.80 |
| Taxes, insurance & HOA | $390.67 | $390.67 |
| Total housing payment | $3,420.98 | $3,905.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,868
Closing costs & prepaids$14,747
Usable credit−$0
Total buyer cash needed$61,615
Earnest money paid−$0
Remaining funds due$61,615
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,565.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Prepaid interest, first (6 days)$441.15
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 5.23%
Interest already paid$120,708Through Dec 2026
Assumption only · ends Aug 2052$420,204
New conventional · ends Jan 2057$736,931