Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,391/mo
Lowest payment- Down payment
- $49,091
- Funds due
- $63,353
- Interest + MI left
- $506,560
- First ends
- Feb 2056
New loan
New conventional
$3,815/mo
+$424/mo- Down payment
- $48,500
- Funds due
- $59,333
- Interest + MI left
- $661,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $435,909 | $436,500 |
| Second mortgage | — | — |
| First P&I | $2,685.09 | $3,022.24 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.30 |
| Taxes, insurance & HOA | $705.50 | $705.50 |
| Total housing payment | $3,390.59 | $3,815.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,091
Closing costs & prepaids$14,261
Usable credit−$0
Total buyer cash needed$63,353
Earnest money paid−$0
Remaining funds due$63,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,179.54
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,396.50
Initial HOA (3 months)$219.99
Prepaid interest, first (2 days)$147.37
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 3 moOf the original 30-year loan at 6.170%
Interest already paid$20,272Through Nov 2026
Assumption only · ends Feb 2056$506,560
New conventional · ends Dec 2056$661,982