Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
Lowest payment- Down payment
- $46,916
- Funds due
- $61,565
- Interest + MI left
- $403,115
- First ends
- Aug 2052
New loan
New conventional
$3,872/mo
+$525/mo- Down payment
- $55,500
- Funds due
- $66,426
- Interest + MI left
- $730,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,084 | $499,500 |
| Second mortgage | — | — |
| First P&I | $2,958.44 | $3,383.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.90 |
| Taxes, insurance & HOA | $388.67 | $388.67 |
| Total housing payment | $3,347.11 | $3,872.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,916
Closing costs & prepaids$14,650
Usable credit−$0
Total buyer cash needed$61,565
Earnest money paid−$0
Remaining funds due$61,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,540.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$666.00
Prepaid interest, first (6 days)$425.12
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 5.09%
Interest already paid$116,423Through Dec 2026
Assumption only · ends Aug 2052$403,115
New conventional · ends Jan 2057$730,352