Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,352/mo
Lowest payment- Down payment
- $0
- Funds due
- $25,535
- Interest + MI left
- $854,047
- First ends
- Jul 2052
New loan
New conventional
$8,216/mo
+$863/mo- Down payment
- $119,900
- Funds due
- $137,270
- Interest + MI left
- $1,636,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,247,812 | $1,079,100 |
| Second mortgage | — | — |
| First P&I | $6,824.22 | $7,471.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $215.82 |
| Taxes, insurance & HOA | $528.25 | $528.25 |
| Total housing payment | $7,352.47 | $8,215.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$25,535
Usable credit−$0
Total buyer cash needed$25,535
Earnest money paid−$0
Remaining funds due$25,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,239.06
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$934.75
Prepaid interest, first (1 days)$153.16
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 8 moOf the original 30-year loan at 4.480%
Interest already paid$252,672Through Nov 2026
Assumption only · ends Jul 2052$854,047
New conventional · ends Dec 2056$1,636,528