Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,334/mo
Lowest payment- Down payment
- $42,229
- Funds due
- $59,350
- Interest + MI left
- $703,531
- First ends
- Dec 2055
New loan
New conventional
$4,639/mo
+$305/mo- Down payment
- $64,800
- Funds due
- $77,555
- Interest + MI left
- $852,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $605,771 | $583,200 |
| Second mortgage | — | — |
| First P&I | $3,762.36 | $3,950.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.64 |
| Taxes, insurance & HOA | $571.83 | $571.83 |
| Total housing payment | $4,334.20 | $4,639.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,229
Closing costs & prepaids$17,121
Usable credit−$0
Total buyer cash needed$59,350
Earnest money paid−$0
Remaining funds due$59,350
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,028.86
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$777.50
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$929.07
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 6.22%
Interest already paid$37,925Through Dec 2026
Assumption only · ends Dec 2055$703,531
New conventional · ends Jan 2057$852,735