Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,671/mo
Lowest payment- Down payment
- $28,623
- Funds due
- $40,793
- Interest + MI left
- $450,023
- First ends
- May 2056
New loan
New conventional
$2,820/mo
+$149/mo- Down payment
- $38,990
- Funds due
- $48,213
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,277 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,298.30 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.18 |
| Taxes, insurance & HOA | $372.67 | $372.67 |
| Total housing payment | $2,670.97 | $2,820.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,623
Closing costs & prepaids$12,170
Usable credit−$0
Total buyer cash needed$40,793
Earnest money paid−$0
Remaining funds due$40,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,806.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$579.03
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$13,749Through Dec 2026
Assumption only · ends May 2056$450,023
New conventional · ends Jan 2057$513,088