Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
Lowest payment- Down payment
- $43,397
- Funds due
- $58,269
- Interest + MI left
- $585,083
- First ends
- Feb 2056
New loan
New conventional
$3,808/mo
+$299/mo- Down payment
- $53,990
- Funds due
- $65,140
- Interest + MI left
- $710,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,503 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,090.25 | $3,291.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.18 |
| Taxes, insurance & HOA | $418.67 | $418.67 |
| Total housing payment | $3,508.91 | $3,807.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,397
Closing costs & prepaids$14,872
Usable credit−$0
Total buyer cash needed$58,269
Earnest money paid−$0
Remaining funds due$58,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,482.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Initial HOA (3 months)$108.00
Prepaid interest, first (9 days)$766.38
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 2 moOf the original 30-year loan at 6.26%
Interest already paid$26,041Through Dec 2026
Assumption only · ends Feb 2056$585,083
New conventional · ends Jan 2057$710,481