Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,582/mo
Lowest payment- Down payment
- $36,341
- Funds due
- $50,420
- Interest + MI left
- $642,006
- First ends
- May 2056
New loan
New conventional
$3,844/mo
+$262/mo- Down payment
- $54,999
- Funds due
- $65,176
- Interest + MI left
- $750,687
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,649 | $494,991 |
| Second mortgage | — | — |
| First P&I | $3,264.56 | $3,427.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $317.33 | $317.33 |
| Total housing payment | $3,581.90 | $3,843.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,341
Closing costs & prepaids$14,080
Usable credit−$0
Total buyer cash needed$50,420
Earnest money paid−$0
Remaining funds due$50,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,568.25
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$200.00
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$91.47
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$16,748Through Nov 2026
Assumption only · ends May 2056$642,006
New conventional · ends Dec 2056$750,687