Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,837/mo
Lowest payment- Down payment
- $39,067
- Funds due
- $54,956
- Interest + MI left
- $464,186
- First ends
- Jul 2052
New loan
New conventional
$4,340/mo
+$502/mo- Down payment
- $62,500
- Funds due
- $74,214
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $585,933 | $562,500 |
| Second mortgage | — | — |
| First P&I | $3,420.58 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $416.67 | $416.67 |
| Total housing payment | $3,837.25 | $4,339.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,067
Closing costs & prepaids$15,889
Usable credit−$0
Total buyer cash needed$54,956
Earnest money paid−$0
Remaining funds due$54,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,929.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Prepaid interest, first (6 days)$491.22
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 7 moOf the original 30-year loan at 5.1%
Interest already paid$137,224Through Dec 2026
Assumption only · ends Jul 2052$464,186
New conventional · ends Jan 2057$822,468