Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,997/mo
Lowest payment- Down payment
- $28,798
- Funds due
- $38,975
- Interest + MI left
- $309,800
- First ends
- Mar 2056
New loan
New conventional
$2,252/mo
+$255/mo- Down payment
- $29,500
- Funds due
- $37,267
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,202 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,636.37 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $361.08 | $361.08 |
| Total housing payment | $1,997.45 | $2,252.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,798
Closing costs & prepaids$10,177
Usable credit−$0
Total buyer cash needed$38,975
Earnest money paid−$0
Remaining funds due$38,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,331.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$363.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$44.93
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 4 moOf the original 30-year loan at 6.160%
Interest already paid$10,981Through Nov 2026
Assumption only · ends Mar 2056$309,800
New conventional · ends Dec 2056$402,649