Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,870/mo
Lowest payment- Down payment
- $25,568
- Funds due
- $37,789
- Interest + MI left
- $508,020
- First ends
- Jul 2056
New loan
New conventional
$3,100/mo
+$230/mo- Down payment
- $44,000
- Funds due
- $52,932
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,432 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,591.16 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $278.92 | $278.92 |
| Total housing payment | $2,870.07 | $3,099.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,568
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$37,789
Earnest money paid−$0
Remaining funds due$37,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,072.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$35.75
Initial HOA (3 months)$351.00
Prepaid interest, first (2 days)$144.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.360%
Interest already paid$8,807Through Nov 2026
Assumption only · ends Jul 2056$508,020
New conventional · ends Dec 2056$600,561