Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,164/mo
Lowest payment- Down payment
- $25,829
- Funds due
- $39,568
- Interest + MI left
- $527,222
- First ends
- May 2056
New loan
New conventional
$3,326/mo
+$162/mo- Down payment
- $45,950
- Funds due
- $56,319
- Interest + MI left
- $604,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,671 | $413,550 |
| Second mortgage | — | — |
| First P&I | $2,722.08 | $2,801.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.71 |
| Taxes, insurance & HOA | $442.17 | $442.17 |
| Total housing payment | $3,164.25 | $3,326.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,829
Closing costs & prepaids$13,739
Usable credit−$0
Total buyer cash needed$39,568
Earnest money paid−$0
Remaining funds due$39,568
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,168.36
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$551.50
Initial HOA (3 months)$275.01
Prepaid interest, first (9 days)$681.16
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 6.37%
Interest already paid$16,176Through Dec 2026
Assumption only · ends May 2056$527,222
New conventional · ends Jan 2057$604,678