Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,994/mo
Lowest payment- Down payment
- $29,068
- Funds due
- $39,593
- Interest + MI left
- $308,434
- First ends
- Mar 2056
New loan
New conventional
$2,210/mo
+$215/mo- Down payment
- $29,500
- Funds due
- $37,674
- Interest + MI left
- $388,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $265,932 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,636.37 | $1,798.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $358.00 | $358.00 |
| Total housing payment | $1,994.37 | $2,209.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,068
Closing costs & prepaids$10,526
Usable credit−$0
Total buyer cash needed$39,593
Earnest money paid−$0
Remaining funds due$39,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,329.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$354.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$403.93
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 3 moOf the original 30-year loan at 6.16%
Interest already paid$12,348Through Dec 2026
Assumption only · ends Mar 2056$308,434
New conventional · ends Jan 2057$388,205