Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,023/mo
Lowest payment- Down payment
- $31,190
- Funds due
- $44,219
- Interest + MI left
- $514,755
- First ends
- Apr 2056
New loan
New conventional
$3,364/mo
+$341/mo- Down payment
- $47,809
- Funds due
- $57,358
- Interest + MI left
- $652,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,895 | $430,276 |
| Second mortgage | — | — |
| First P&I | $2,724.22 | $2,979.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.06 |
| Taxes, insurance & HOA | $298.83 | $298.83 |
| Total housing payment | $3,023.06 | $3,364.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,190
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$44,219
Earnest money paid−$0
Remaining funds due$44,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,780.85
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,234.48
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$18.50
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$149.13
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 5 moOf the original 30-year loan at 6.090%
Interest already paid$15,940Through Nov 2026
Assumption only · ends Apr 2056$514,755
New conventional · ends Dec 2056$652,543