Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,271/mo
Lowest payment- Down payment
- $11,487
- Funds due
- $24,567
- Interest + MI left
- $560,238
- First ends
- Dec 2055
New loan
New conventional
$3,356/mo
+$85/mo- Down payment
- $46,745
- Funds due
- $56,289
- Interest + MI left
- $638,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,964 | $420,706 |
| Second mortgage | — | — |
| First P&I | $2,911.75 | $2,912.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.14 |
| Taxes, insurance & HOA | $358.75 | $358.75 |
| Total housing payment | $3,270.50 | $3,355.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,487
Closing costs & prepaids$13,080
Usable credit−$0
Total buyer cash needed$24,567
Earnest money paid−$0
Remaining funds due$24,567
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,674.51
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,279.82
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$330.25
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$81.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$27,322Through Nov 2026
Assumption only · ends Dec 2055$560,238
New conventional · ends Dec 2056$638,029