Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,527/mo
Lowest payment- Down payment
- $15,555
- Funds due
- $32,034
- Interest + MI left
- $749,241
- First ends
- May 2056
New loan
New conventional
$4,660/mo
+$133/mo- Down payment
- $61,500
- Funds due
- $73,584
- Interest + MI left
- $839,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $599,445 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,809.85 | $3,832.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $716.67 | $716.67 |
| Total housing payment | $4,526.51 | $4,659.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,555
Closing costs & prepaids$16,479
Usable credit−$0
Total buyer cash needed$32,034
Earnest money paid−$0
Remaining funds due$32,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,997.22
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,239.00
Initial HOA (3 months)$411.00
Prepaid interest, first (2 days)$213.50
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$19,545Through Nov 2026
Assumption only · ends May 2056$749,241
New conventional · ends Dec 2056$839,420