Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,687/mo
Lowest payment- Down payment
- $19,750
- Funds due
- $31,475
- Interest + MI left
- $444,655
- First ends
- Jan 2056
New loan
New conventional
$2,895/mo
+$208/mo- Down payment
- $40,000
- Funds due
- $48,638
- Interest + MI left
- $545,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,249 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,356.87 | $2,492.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $330.17 | $330.17 |
| Total housing payment | $2,687.03 | $2,894.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,750
Closing costs & prepaids$11,725
Usable credit−$0
Total buyer cash needed$31,475
Earnest money paid−$0
Remaining funds due$31,475
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,901.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$303.50
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$64.80
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$19,817Through Nov 2026
Assumption only · ends Jan 2056$444,655
New conventional · ends Dec 2056$545,963