Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,579/mo
Lowest payment- Down payment
- $15,626
- Funds due
- $36,438
- Interest + MI left
- $929,544
- First ends
- Feb 2056
New loan
New conventional
$5,734/mo
+$155/mo- Down payment
- $80,900
- Funds due
- $96,214
- Interest + MI left
- $1,064,603
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $793,374 | $728,100 |
| Second mortgage | — | — |
| First P&I | $4,922.62 | $4,932.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $145.62 |
| Taxes, insurance & HOA | $656.25 | $656.25 |
| Total housing payment | $5,578.87 | $5,734.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,626
Closing costs & prepaids$20,812
Usable credit−$0
Total buyer cash needed$36,438
Earnest money paid−$0
Remaining funds due$36,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,966.87
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$970.75
Initial HOA (3 months)$348.00
Prepaid interest, first (9 days)$1,218.75
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 6.23%
Interest already paid$41,414Through Dec 2026
Assumption only · ends Feb 2056$929,544
New conventional · ends Jan 2057$1,064,603