Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
Lowest payment- Down payment
- $1,901
- Funds due
- $13,499
- Interest + MI left
- $492,399
- First ends
- Jun 2056
New loan
New conventional
$2,805/mo
+$74/mo- Down payment
- $40,495
- Funds due
- $48,887
- Interest + MI left
- $552,721
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,049 | $364,455 |
| Second mortgage | — | — |
| First P&I | $2,522.39 | $2,523.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.89 |
| Taxes, insurance & HOA | $208.33 | $208.33 |
| Total housing payment | $2,730.72 | $2,804.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,901
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$13,499
Earnest money paid−$0
Remaining funds due$13,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,049.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,015.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$174.99
Prepaid interest, first (2 days)$140.46
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 7 moOf the original 30-year loan at 6.360%
Interest already paid$10,711Through Nov 2026
Assumption only · ends Jun 2056$492,399
New conventional · ends Dec 2056$552,721