Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $45,419
- Funds due
- $58,952
- Interest + MI left
- $217,468
- First ends
- Mar 2056
New loan
New conventional
$3,594/mo
+$1,079/mo- Down payment
- $43,900
- Funds due
- $54,323
- Interest + MI left
- $599,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,581 | $395,100 |
| Second mortgage | — | — |
| First P&I | $1,735.93 | $2,735.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.02 |
| Taxes, insurance & HOA | $778.92 | $778.92 |
| Total housing payment | $2,514.85 | $3,593.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,419
Closing costs & prepaids$13,533
Usable credit−$0
Total buyer cash needed$58,952
Earnest money paid−$0
Remaining funds due$58,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,967.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$686.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (2 days)$70.09
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$8,592Through Nov 2026
Assumption only · ends Mar 2056$217,468
New conventional · ends Dec 2056$599,196