Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $1,807
- Funds due
- $14,654
- Interest + MI left
- $485,520
- First ends
- Apr 2056
New loan
New conventional
$3,020/mo
+$65/mo- Down payment
- $41,900
- Funds due
- $51,483
- Interest + MI left
- $551,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,193 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,564.53 | $2,554.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $389.91 | $389.91 |
| Total housing payment | $2,954.44 | $3,019.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,807
Closing costs & prepaids$12,847
Usable credit−$0
Total buyer cash needed$14,654
Earnest money paid−$0
Remaining funds due$14,654
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,085.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$502.75
Initial HOA (3 months)$216.99
Prepaid interest, first (9 days)$633.68
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 4 moOf the original 30-year loan at 6.16%
Interest already paid$17,210Through Dec 2026
Assumption only · ends Apr 2056$485,520
New conventional · ends Jan 2057$551,383