Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,776/mo
Lowest payment- Down payment
- $32,264
- Funds due
- $47,379
- Interest + MI left
- $655,780
- First ends
- Jan 2056
New loan
New conventional
$3,849/mo
+$73/mo- Down payment
- $54,500
- Funds due
- $65,732
- Interest + MI left
- $717,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $512,736 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,348.18 | $3,322.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.10 |
| Taxes, insurance & HOA | $428.00 | $428.00 |
| Total housing payment | $3,776.18 | $3,848.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,264
Closing costs & prepaids$15,115
Usable credit−$0
Total buyer cash needed$47,379
Earnest money paid−$0
Remaining funds due$47,379
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,563.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$849.60
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 31-year loan at 6.72%
Interest already paid$66,744Through Dec 2026
Assumption only · ends Jan 2056$655,780
New conventional · ends Jan 2057$717,192