Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,481/mo
Lowest payment- Down payment
- $15,097
- Funds due
- $32,098
- Interest + MI left
- $766,796
- First ends
- Mar 2056
New loan
New conventional
$4,516/mo
+$35/mo- Down payment
- $63,490
- Funds due
- $75,983
- Interest + MI left
- $835,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $619,803 | $571,410 |
| Second mortgage | — | — |
| First P&I | $3,950.43 | $3,870.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.28 |
| Taxes, insurance & HOA | $530.67 | $530.67 |
| Total housing payment | $4,481.09 | $4,515.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,097
Closing costs & prepaids$17,001
Usable credit−$0
Total buyer cash needed$32,098
Earnest money paid−$0
Remaining funds due$32,098
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,099.02
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$762.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$993.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$30,357Through Dec 2026
Assumption only · ends Mar 2056$766,796
New conventional · ends Jan 2057$835,496