Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,234/mo
Lowest payment- Down payment
- $47,352
- Funds due
- $64,294
- Interest + MI left
- $686,667
- First ends
- Jan 2056
New loan
New conventional
$4,586/mo
+$352/mo- Down payment
- $64,000
- Funds due
- $76,661
- Interest + MI left
- $842,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $592,648 | $576,000 |
| Second mortgage | — | — |
| First P&I | $3,665.66 | $3,902.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $568.67 | $568.67 |
| Total housing payment | $4,234.33 | $4,585.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,352
Closing costs & prepaids$16,942
Usable credit−$0
Total buyer cash needed$64,294
Earnest money paid−$0
Remaining funds due$64,294
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,963.24
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$768.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$904.56
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 30-year loan at 6.19%
Interest already paid$33,830Through Dec 2026
Assumption only · ends Jan 2056$686,667
New conventional · ends Jan 2057$842,207