Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,741/mo
Lowest payment- Down payment
- $0
- Funds due
- $21,784
- Interest + MI left
- $670,462
- First ends
- Aug 2052
New loan
New conventional
$6,334/mo
+$594/mo- Down payment
- $91,500
- Funds due
- $107,255
- Interest + MI left
- $1,204,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $915,639 | $823,500 |
| Second mortgage | — | — |
| First P&I | $5,149.68 | $5,578.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $164.70 |
| Taxes, insurance & HOA | $591.00 | $591.00 |
| Total housing payment | $5,740.67 | $6,334.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$21,784
Usable credit−$0
Total buyer cash needed$21,784
Earnest money paid−$0
Remaining funds due$21,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,578.19
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,098.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$714.95
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$196,227Through Dec 2026
Assumption only · ends Aug 2052$670,462
New conventional · ends Jan 2057$1,204,093