Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,976/mo
Lowest payment- Down payment
- $25,840
- Funds due
- $41,055
- Interest + MI left
- $691,610
- First ends
- Jan 2056
New loan
New conventional
$4,260/mo
+$284/mo- Down payment
- $61,500
- Funds due
- $72,384
- Interest + MI left
- $839,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $589,160 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,659.34 | $3,832.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $316.58 | $316.58 |
| Total housing payment | $3,975.92 | $4,259.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,840
Closing costs & prepaids$15,215
Usable credit−$0
Total buyer cash needed$41,055
Earnest money paid−$0
Remaining funds due$41,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,945.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$41.75
Initial HOA (3 months)$408.00
Prepaid interest, first (2 days)$201.44
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 2 moOf the original 30-year loan at 6.240%
Interest already paid$30,803Through Nov 2026
Assumption only · ends Jan 2056$691,610
New conventional · ends Dec 2056$839,420