Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,699/mo
Lowest payment- Down payment
- $37,816
- Funds due
- $50,358
- Interest + MI left
- $440,337
- First ends
- Apr 2056
New loan
New conventional
$2,999/mo
+$299/mo- Down payment
- $41,990
- Funds due
- $51,502
- Interest + MI left
- $552,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,084 | $377,910 |
| Second mortgage | — | — |
| First P&I | $2,336.42 | $2,560.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.58 |
| Taxes, insurance & HOA | $363.00 | $363.00 |
| Total housing payment | $2,699.42 | $2,998.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,816
Closing costs & prepaids$12,542
Usable credit−$0
Total buyer cash needed$50,358
Earnest money paid−$0
Remaining funds due$50,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,910.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$575.64
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 4 moOf the original 30-year loan at 6.11%
Interest already paid$15,634Through Dec 2026
Assumption only · ends Apr 2056$440,337
New conventional · ends Jan 2057$552,567