Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,166/mo
Lowest payment- Down payment
- $26,061
- Funds due
- $39,407
- Interest + MI left
- $517,811
- First ends
- Mar 2056
New loan
New conventional
$3,451/mo
+$285/mo- Down payment
- $47,100
- Funds due
- $56,979
- Interest + MI left
- $642,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,939 | $423,900 |
| Second mortgage | — | — |
| First P&I | $2,735.09 | $2,935.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.78 |
| Taxes, insurance & HOA | $431.08 | $431.08 |
| Total housing payment | $3,166.17 | $3,450.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,061
Closing costs & prepaids$13,346
Usable credit−$0
Total buyer cash needed$39,407
Earnest money paid−$0
Remaining funds due$39,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,710.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,224.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$793.25
Prepaid interest, first (2 days)$150.18
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 6.160%
Interest already paid$18,354Through Nov 2026
Assumption only · ends Mar 2056$517,811
New conventional · ends Dec 2056$642,873