Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,292/mo
Lowest payment- Down payment
- $21,629
- Funds due
- $35,697
- Interest + MI left
- $535,282
- First ends
- Dec 2055
New loan
New conventional
$3,446/mo
+$154/mo- Down payment
- $47,900
- Funds due
- $58,467
- Interest + MI left
- $630,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,371 | $431,100 |
| Second mortgage | — | — |
| First P&I | $2,852.45 | $2,920.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.22 |
| Taxes, insurance & HOA | $439.25 | $439.25 |
| Total housing payment | $3,291.70 | $3,445.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,629
Closing costs & prepaids$14,069
Usable credit−$0
Total buyer cash needed$35,697
Earnest money paid−$0
Remaining funds due$35,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,286.86
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$705.98
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 yrOf the original 30-year loan at 6.26%
Interest already paid$28,817Through Dec 2026
Assumption only · ends Dec 2055$535,282
New conventional · ends Jan 2057$630,340