Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,158/mo
Lowest payment- Down payment
- $7,266
- Funds due
- $23,539
- Interest + MI left
- $686,698
- First ends
- Feb 2056
New loan
New conventional
$4,234/mo
+$76/mo- Down payment
- $59,000
- Funds due
- $71,017
- Interest + MI left
- $776,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $582,734 | $531,000 |
| Second mortgage | — | — |
| First P&I | $3,626.95 | $3,597.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $530.67 | $530.67 |
| Total housing payment | $4,157.61 | $4,234.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,266
Closing costs & prepaids$16,273
Usable credit−$0
Total buyer cash needed$23,539
Earnest money paid−$0
Remaining funds due$23,539
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,913.67
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$708.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$899.49
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 6.26%
Interest already paid$30,564Through Dec 2026
Assumption only · ends Feb 2056$686,698
New conventional · ends Jan 2057$776,410