Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,684/mo
Lowest payment- Down payment
- $35,898
- Funds due
- $51,904
- Interest + MI left
- $393,097
- First ends
- Apr 2052
New loan
New conventional
$4,407/mo
+$722/mo- Down payment
- $63,500
- Funds due
- $75,327
- Interest + MI left
- $835,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $599,102 | $571,500 |
| Second mortgage | — | — |
| First P&I | $3,263.81 | $3,871.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.30 |
| Taxes, insurance & HOA | $420.67 | $420.67 |
| Total housing payment | $3,684.48 | $4,406.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,898
Closing costs & prepaids$16,006
Usable credit−$0
Total buyer cash needed$51,904
Earnest money paid−$0
Remaining funds due$51,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,995.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$762.00
Prepaid interest, first (6 days)$430.86
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 4 moOf the original 30-year loan at 4.375%
Interest already paid$128,179Through Dec 2026
Assumption only · ends Apr 2052$393,097
New conventional · ends Jan 2057$835,628