Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,528/mo
+$188/mo- Down payment
- $0
- Funds due
- $13,395
- Interest + MI left
- $615,432
- First ends
- Mar 2056
New loan
New conventional
$3,340/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,008
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $522,709 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,233.36 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $295.00 | $295.00 |
| Total housing payment | $3,528.36 | $3,340.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,395
Usable credit−$0
Total buyer cash needed$13,395
Earnest money paid−$0
Remaining funds due$13,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,613.55
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$25.00
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$178.15
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 closing29 yr 4 moOf the original 30-year loan at 6.220%
Interest already paid$21,771Through Nov 2026
Assumption only · ends Mar 2056$615,432
New conventional · ends Dec 2056$648,333