Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,026/mo
Lowest payment- Down payment
- $9,500
- Funds due
- $25,870
- Interest + MI left
- $455,492
- First ends
- Jul 2052
New loan
New conventional
$4,715/mo
+$688/mo- Down payment
- $67,500
- Funds due
- $79,157
- Interest + MI left
- $921,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $665,500 | $607,500 |
| Second mortgage | — | — |
| First P&I | $3,639.58 | $4,206.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.50 |
| Taxes, insurance & HOA | $386.92 | $386.92 |
| Total housing payment | $4,026.50 | $4,714.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,500
Closing costs & prepaids$16,370
Usable credit−$0
Total buyer cash needed$25,870
Earnest money paid−$0
Remaining funds due$25,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,327.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.75
Prepaid interest, first (2 days)$163.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$134,758Through Nov 2026
Assumption only · ends Jul 2052$455,492
New conventional · ends Dec 2056$921,315