Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,966/mo
Lowest payment- Down payment
- $26,922
- Funds due
- $46,036
- Interest + MI left
- $882,464
- First ends
- Sep 2056
New loan
New conventional
$5,124/mo
+$158/mo- Down payment
- $73,500
- Funds due
- $87,593
- Interest + MI left
- $967,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $708,078 | $661,500 |
| Second mortgage | — | — |
| First P&I | $4,455.30 | $4,481.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $132.30 |
| Taxes, insurance & HOA | $510.67 | $510.67 |
| Total housing payment | $4,965.97 | $5,124.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,922
Closing costs & prepaids$19,113
Usable credit−$0
Total buyer cash needed$46,036
Earnest money paid−$0
Remaining funds due$46,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,540.39
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Prepaid interest, first (9 days)$1,122.64
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 9 moOf the original 30-year loan at 6.43%
Interest already paid$11,403Through Dec 2026
Assumption only · ends Sep 2056$882,464
New conventional · ends Jan 2057$967,222