Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
Lowest payment- Down payment
- $37,427
- Funds due
- $49,326
- Interest + MI left
- $442,285
- First ends
- Apr 2056
New loan
New conventional
$3,011/mo
+$356/mo- Down payment
- $41,990
- Funds due
- $50,776
- Interest + MI left
- $573,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,473 | $377,910 |
| Second mortgage | — | — |
| First P&I | $2,336.42 | $2,616.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.58 |
| Taxes, insurance & HOA | $318.42 | $318.42 |
| Total housing payment | $2,654.84 | $3,010.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,427
Closing costs & prepaids$11,899
Usable credit−$0
Total buyer cash needed$49,326
Earnest money paid−$0
Remaining funds due$49,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,912.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$370.25
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$64.02
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 5 moOf the original 30-year loan at 6.110%
Interest already paid$13,687Through Nov 2026
Assumption only · ends Apr 2056$442,285
New conventional · ends Dec 2056$573,126