Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,114/mo
Lowest payment- Down payment
- $25,411
- Funds due
- $38,395
- Interest + MI left
- $529,526
- First ends
- May 2056
New loan
New conventional
$3,338/mo
+$224/mo- Down payment
- $45,950
- Funds due
- $55,519
- Interest + MI left
- $627,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,089 | $413,550 |
| Second mortgage | — | — |
| First P&I | $2,722.08 | $2,863.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.71 |
| Taxes, insurance & HOA | $391.50 | $391.50 |
| Total housing payment | $3,113.58 | $3,337.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,411
Closing costs & prepaids$12,984
Usable credit−$0
Total buyer cash needed$38,395
Earnest money paid−$0
Remaining funds due$38,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,170.45
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$399.50
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$75.76
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 6.370%
Interest already paid$13,872Through Nov 2026
Assumption only · ends May 2056$529,526
New conventional · ends Dec 2056$627,176