Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,493/mo
Lowest payment- Down payment
- $26,502
- Funds due
- $40,375
- Interest + MI left
- $633,002
- First ends
- Jun 2056
New loan
New conventional
$3,707/mo
+$215/mo- Down payment
- $53,500
- Funds due
- $63,517
- Interest + MI left
- $730,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,498 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,215.49 | $3,333.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.30 |
| Taxes, insurance & HOA | $277.25 | $277.25 |
| Total housing payment | $3,492.74 | $3,707.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,502
Closing costs & prepaids$13,872
Usable credit−$0
Total buyer cash needed$40,375
Earnest money paid−$0
Remaining funds due$40,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,542.49
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$34.75
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$179.99
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 7 moOf the original 30-year loan at 6.460%
Interest already paid$13,725Through Nov 2026
Assumption only · ends Jun 2056$633,002
New conventional · ends Dec 2056$730,227