Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,678/mo
+$442/mo- Down payment
- $0
- Funds due
- $13,895
- Interest + MI left
- $639,223
- First ends
- May 2056
New loan
New conventional
$3,237/mo
Lowest payment- Down payment
- $44,970
- Funds due
- $54,951
- Interest + MI left
- $591,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,167 | $404,730 |
| Second mortgage | — | — |
| First P&I | $3,264.56 | $2,741.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.95 |
| Taxes, insurance & HOA | $413.92 | $413.92 |
| Total housing payment | $3,678.48 | $3,236.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,895
Usable credit−$0
Total buyer cash needed$13,895
Earnest money paid−$0
Remaining funds due$13,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,497.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,565.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$539.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$822.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$19,530Through Dec 2026
Assumption only · ends May 2056$639,223
New conventional · ends Jan 2057$591,782