Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,689/mo
Lowest payment- Down payment
- $35,702
- Funds due
- $61,922
- Interest + MI left
- $669,216
- First ends
- Jun 2052
New loan
New conventional
$8,229/mo
+$1,540/mo- Down payment
- $120,000
- Funds due
- $138,940
- Interest + MI left
- $1,579,139
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,164,298 | $1,080,000 |
| Second mortgage | — | — |
| First P&I | $5,991.88 | $7,316.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $216.00 |
| Taxes, insurance & HOA | $696.67 | $696.67 |
| Total housing payment | $6,688.54 | $8,228.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,702
Closing costs & prepaids$26,220
Usable credit−$0
Total buyer cash needed$61,922
Earnest money paid−$0
Remaining funds due$61,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,821.49
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,440.00
Prepaid interest, first (6 days)$740.69
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 6 moOf the original 30-year loan at 3.87%
Interest already paid$212,859Through Dec 2026
Assumption only · ends Jun 2052$669,216
New conventional · ends Jan 2057$1,579,139