Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,418/mo
Lowest payment- Down payment
- $41,609
- Funds due
- $58,158
- Interest + MI left
- $706,674
- First ends
- Dec 2055
New loan
New conventional
$4,810/mo
+$392/mo- Down payment
- $64,800
- Funds due
- $76,891
- Interest + MI left
- $884,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $606,391 | $583,200 |
| Second mortgage | — | — |
| First P&I | $3,762.36 | $4,037.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.64 |
| Taxes, insurance & HOA | $655.25 | $655.25 |
| Total housing payment | $4,417.61 | $4,809.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,609
Closing costs & prepaids$16,549
Usable credit−$0
Total buyer cash needed$58,158
Earnest money paid−$0
Remaining funds due$58,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,031.95
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,027.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$103.34
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 6.220%
Interest already paid$34,782Through Nov 2026
Assumption only · ends Dec 2055$706,674
New conventional · ends Dec 2056$884,462