Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,786/mo
Lowest payment- Down payment
- $29,258
- Funds due
- $43,811
- Interest + MI left
- $643,267
- First ends
- Jan 2056
New loan
New conventional
$3,990/mo
+$204/mo- Down payment
- $55,100
- Funds due
- $65,707
- Interest + MI left
- $752,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $521,742 | $495,900 |
| Second mortgage | — | — |
| First P&I | $3,328.60 | $3,433.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.18 |
| Taxes, insurance & HOA | $457.50 | $457.50 |
| Total housing payment | $3,786.10 | $3,990.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,258
Closing costs & prepaids$14,552
Usable credit−$0
Total buyer cash needed$43,811
Earnest money paid−$0
Remaining funds due$43,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,510.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,608.71
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$477.50
Initial HOA (3 months)$395.01
Prepaid interest, first (1 days)$92.91
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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$28,408Through Nov 2026
Assumption only · ends Jan 2056$643,267
New conventional · ends Dec 2056$752,066