Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,577/mo
Lowest payment- Down payment
- $15,849
- Funds due
- $30,637
- Interest + MI left
- $578,327
- First ends
- Dec 2055
New loan
New conventional
$3,697/mo
+$119/mo- Down payment
- $51,000
- Funds due
- $62,065
- Interest + MI left
- $671,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $494,151 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,081.83 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.80 |
| Taxes, insurance & HOA | $495.67 | $495.67 |
| Total housing payment | $3,577.50 | $3,696.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,849
Closing costs & prepaids$14,789
Usable credit−$0
Total buyer cash needed$30,637
Earnest money paid−$0
Remaining funds due$30,637
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,470.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$612.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$762.75
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 yrOf the original 30-year loan at 6.26%
Interest already paid$31,134Through Dec 2026
Assumption only · ends Dec 2055$578,327
New conventional · ends Jan 2057$671,134