Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,939/mo
Lowest payment- Down payment
- $0
- Funds due
- $20,318
- Interest + MI left
- $390,359
- First ends
- May 2050
New loan
New conventional
$5,825/mo
+$887/mo- Down payment
- $84,000
- Funds due
- $98,885
- Interest + MI left
- $1,105,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $842,094 | $756,000 |
| Second mortgage | — | — |
| First P&I | $4,385.95 | $5,121.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $151.20 |
| Taxes, insurance & HOA | $552.67 | $552.67 |
| Total housing payment | $4,938.62 | $5,825.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$20,318
Usable credit−$0
Total buyer cash needed$20,318
Earnest money paid−$0
Remaining funds due$20,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,210.47
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,008.00
Prepaid interest, first (6 days)$481.72
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 closing23 yr 5 moOf the original 30-year loan at 3.48%
Interest already paid$209,422Through Dec 2026
Assumption only · ends May 2050$390,359
New conventional · ends Jan 2057$1,105,397