Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,563/mo
Lowest payment- Down payment
- $63,901
- Funds due
- $83,375
- Interest + MI left
- $501,253
- First ends
- Jul 2052
New loan
New conventional
$5,552/mo
+$988/mo- Down payment
- $79,900
- Funds due
- $94,465
- Interest + MI left
- $1,051,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $735,099 | $719,100 |
| Second mortgage | — | — |
| First P&I | $4,027.20 | $4,871.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $143.82 |
| Taxes, insurance & HOA | $536.25 | $536.25 |
| Total housing payment | $4,563.45 | $5,551.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,901
Closing costs & prepaids$19,474
Usable credit−$0
Total buyer cash needed$83,375
Earnest money paid−$0
Remaining funds due$83,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,675.49
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$958.75
Prepaid interest, first (7 days)$631.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 4.48%
Interest already paid$151,859Through Dec 2026
Assumption only · ends Jul 2052$501,253
New conventional · ends Jan 2057$1,051,443