Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,950/mo
Lowest payment- Down payment
- $45,549
- Funds due
- $60,968
- Interest + MI left
- $680,924
- First ends
- Mar 2056
New loan
New conventional
$4,376/mo
+$427/mo- Down payment
- $62,500
- Funds due
- $73,635
- Interest + MI left
- $853,069
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $579,451 | $562,500 |
| Second mortgage | — | — |
| First P&I | $3,580.61 | $3,894.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $369.00 | $369.00 |
| Total housing payment | $3,949.61 | $4,376.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,549
Closing costs & prepaids$15,419
Usable credit−$0
Total buyer cash needed$60,968
Earnest money paid−$0
Remaining funds due$60,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,897.25
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$607.00
Prepaid interest, first (2 days)$197.17
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 6.210%
Interest already paid$24,096Through Nov 2026
Assumption only · ends Mar 2056$680,924
New conventional · ends Dec 2056$853,069