Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,487/mo
Lowest payment- Down payment
- $24,827
- Funds due
- $44,383
- Interest + MI left
- $933,667
- First ends
- Feb 2056
New loan
New conventional
$5,815/mo
+$328/mo- Down payment
- $81,900
- Funds due
- $95,888
- Interest + MI left
- $1,117,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $794,173 | $737,100 |
| Second mortgage | — | — |
| First P&I | $4,922.62 | $5,103.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $147.42 |
| Taxes, insurance & HOA | $564.17 | $564.17 |
| Total housing payment | $5,486.79 | $5,815.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,827
Closing costs & prepaids$19,557
Usable credit−$0
Total buyer cash needed$44,383
Earnest money paid−$0
Remaining funds due$44,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,970.87
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$694.50
Initial HOA (3 months)$348.00
Prepaid interest, first (1 days)$135.55
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 3 moOf the original 30-year loan at 6.230%
Interest already paid$37,291Through Nov 2026
Assumption only · ends Feb 2056$933,667
New conventional · ends Dec 2056$1,117,862