Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,746/mo
Lowest payment- Down payment
- $20,136
- Funds due
- $32,553
- Interest + MI left
- $442,684
- First ends
- Jan 2056
New loan
New conventional
$2,900/mo
+$154/mo- Down payment
- $40,000
- Funds due
- $49,379
- Interest + MI left
- $526,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,863 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,356.87 | $2,438.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $389.00 | $389.00 |
| Total housing payment | $2,745.87 | $2,899.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,136
Closing costs & prepaids$12,417
Usable credit−$0
Total buyer cash needed$32,553
Earnest money paid−$0
Remaining funds due$32,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,899.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$582.59
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 1 moOf the original 30-year loan at 6.22%
Interest already paid$21,788Through Dec 2026
Assumption only · ends Jan 2056$442,684
New conventional · ends Jan 2057$526,378