Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,905/mo
Lowest payment- Down payment
- $0
- Funds due
- $14,679
- Interest + MI left
- $491,571
- First ends
- Aug 2052
New loan
New conventional
$3,905/mo
+$0/mo- Down payment
- $55,000
- Funds due
- $65,360
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $598,019 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,526.18 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $378.33 | $378.33 |
| Total housing payment | $3,904.51 | $3,904.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,679
Usable credit−$0
Total buyer cash needed$14,679
Earnest money paid−$0
Remaining funds due$14,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,990.09
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$635.00
Prepaid interest, first (1 days)$85.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 5.230%
Interest already paid$137,854Through Nov 2026
Assumption only · ends Aug 2052$491,571
New conventional · ends Dec 2056$750,701