Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,293/mo
Lowest payment- Down payment
- $28,816
- Funds due
- $45,256
- Interest + MI left
- $370,301
- First ends
- Mar 2056
New loan
New conventional
$4,819/mo
+$1,526/mo- Down payment
- $69,900
- Funds due
- $81,632
- Interest + MI left
- $954,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $670,184 | $629,100 |
| Second mortgage | — | — |
| First P&I | $2,955.92 | $4,355.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.82 |
| Taxes, insurance & HOA | $337.00 | $337.00 |
| Total housing payment | $3,292.92 | $4,818.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,816
Closing costs & prepaids$16,439
Usable credit−$0
Total buyer cash needed$45,256
Earnest money paid−$0
Remaining funds due$45,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,350.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$511.00
Prepaid interest, first (2 days)$119.35
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 4 moOf the original 30-year loan at 3.250%
Interest already paid$14,631Through Nov 2026
Assumption only · ends Mar 2056$370,301
New conventional · ends Dec 2056$954,072