Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,477/mo
Lowest payment- Down payment
- $55,985
- Funds due
- $76,141
- Interest + MI left
- $397,918
- First ends
- Apr 2052
New loan
New conventional
$5,891/mo
+$1,414/mo- Down payment
- $84,990
- Funds due
- $99,987
- Interest + MI left
- $1,118,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $793,915 | $764,910 |
| Second mortgage | — | — |
| First P&I | $3,920.50 | $5,181.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $152.98 |
| Taxes, insurance & HOA | $556.67 | $556.67 |
| Total housing payment | $4,477.17 | $5,891.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,985
Closing costs & prepaids$20,157
Usable credit−$0
Total buyer cash needed$76,141
Earnest money paid−$0
Remaining funds due$76,141
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,969.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,020.00
Prepaid interest, first (6 days)$450.25
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 3.45%
Interest already paid$134,936Through Dec 2026
Assumption only · ends Apr 2052$397,918
New conventional · ends Jan 2057$1,118,425