Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,133/mo
Lowest payment- Down payment
- $45,475
- Funds due
- $59,248
- Interest + MI left
- $537,255
- First ends
- May 2056
New loan
New conventional
$3,393/mo
+$260/mo- Down payment
- $48,000
- Funds due
- $58,401
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,525 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,752.92 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.40 |
| Taxes, insurance & HOA | $380.34 | $380.34 |
| Total housing payment | $3,133.25 | $3,393.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,475
Closing costs & prepaids$13,774
Usable credit−$0
Total buyer cash needed$59,248
Earnest money paid−$0
Remaining funds due$59,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,172.63
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Initial HOA (3 months)$65.01
Prepaid interest, first (9 days)$692.15
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 5 moOf the original 30-year loan at 6.46%
Interest already paid$16,436Through Dec 2026
Assumption only · ends May 2056$537,255
New conventional · ends Jan 2057$631,655