Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,153/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,589
- Interest + MI left
- $381,493
- First ends
- Aug 2052
New loan
New conventional
$3,338/mo
+$185/mo- Down payment
- $47,500
- Funds due
- $57,525
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $479,734 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,796.19 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $356.67 | $356.67 |
| Total housing payment | $3,152.86 | $3,338.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,589
Usable credit−$0
Total buyer cash needed$13,589
Earnest money paid−$0
Remaining funds due$13,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,398.67
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$402.19
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 5.1%
Interest already paid$110,136Through Dec 2026
Assumption only · ends Aug 2052$381,493
New conventional · ends Jan 2057$625,076