Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,208/mo
Lowest payment- Down payment
- $26,436
- Funds due
- $43,048
- Interest + MI left
- $688,546
- First ends
- Jan 2056
New loan
New conventional
$4,409/mo
+$201/mo- Down payment
- $61,500
- Funds due
- $73,836
- Interest + MI left
- $809,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $588,564 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,659.34 | $3,749.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $548.67 | $548.67 |
| Total housing payment | $4,208.01 | $4,408.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,436
Closing costs & prepaids$16,612
Usable credit−$0
Total buyer cash needed$43,048
Earnest money paid−$0
Remaining funds due$43,048
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%)$2,942.82
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$738.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$905.58
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 1 moOf the original 30-year loan at 6.24%
Interest already paid$33,867Through Dec 2026
Assumption only · ends Jan 2056$688,546
New conventional · ends Jan 2057$809,309