Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,069/mo
Lowest payment- Down payment
- $14,396
- Funds due
- $26,783
- Interest + MI left
- $535,100
- First ends
- Dec 2055
New loan
New conventional
$3,173/mo
+$103/mo- Down payment
- $44,990
- Funds due
- $53,961
- Interest + MI left
- $614,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $435,504 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,781.10 | $2,803.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.98 |
| Taxes, insurance & HOA | $288.33 | $288.33 |
| Total housing payment | $3,069.43 | $3,172.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,396
Closing costs & prepaids$12,387
Usable credit−$0
Total buyer cash needed$26,783
Earnest money paid−$0
Remaining funds due$26,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,177.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$301.00
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$77.56
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$26,096Through Nov 2026
Assumption only · ends Dec 2055$535,100
New conventional · ends Dec 2056$614,073