Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,791/mo
Lowest payment- Down payment
- $9,121
- Funds due
- $20,725
- Interest + MI left
- $527,425
- First ends
- Aug 2056
New loan
New conventional
$2,866/mo
+$75/mo- Down payment
- $42,299
- Funds due
- $50,621
- Interest + MI left
- $577,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,869 | $380,691 |
| Second mortgage | — | — |
| First P&I | $2,636.68 | $2,635.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.14 |
| Taxes, insurance & HOA | $154.33 | $154.33 |
| Total housing payment | $2,791.01 | $2,866.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,121
Closing costs & prepaids$11,605
Usable credit−$0
Total buyer cash needed$20,725
Earnest money paid−$0
Remaining funds due$20,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,229.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,069.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$12.99
Prepaid interest, first (1 days)$74.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.550%
Interest already paid$6,789Through Nov 2026
Assumption only · ends Aug 2056$527,425
New conventional · ends Dec 2056$577,344