Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,399/mo
Lowest payment- Down payment
- $14,507
- Funds due
- $30,382
- Interest + MI left
- $770,156
- First ends
- Mar 2056
New loan
New conventional
$4,519/mo
+$120/mo- Down payment
- $63,490
- Funds due
- $74,841
- Interest + MI left
- $866,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $620,393 | $571,410 |
| Second mortgage | — | — |
| First P&I | $3,950.43 | $3,956.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.28 |
| Taxes, insurance & HOA | $448.67 | $448.67 |
| Total housing payment | $4,399.09 | $4,519.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,507
Closing costs & prepaids$15,875
Usable credit−$0
Total buyer cash needed$30,382
Earnest money paid−$0
Remaining funds due$30,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,101.97
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$110.48
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$26,997Through Nov 2026
Assumption only · ends Mar 2056$770,156
New conventional · ends Dec 2056$866,582