Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,896/mo
Lowest payment- Down payment
- $1,386
- Funds due
- $13,496
- Interest + MI left
- $487,664
- First ends
- Apr 2056
New loan
New conventional
$3,018/mo
+$122/mo- Down payment
- $41,900
- Funds due
- $50,716
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,614 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,564.53 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $331.33 | $331.33 |
| Total housing payment | $2,895.86 | $3,017.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,386
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$13,496
Earnest money paid−$0
Remaining funds due$13,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,088.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$327.00
Initial HOA (3 months)$216.99
Prepaid interest, first (1 days)$70.48
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 5 moOf the original 30-year loan at 6.160%
Interest already paid$15,066Through Nov 2026
Assumption only · ends Apr 2056$487,664
New conventional · ends Dec 2056$571,898