Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,449/mo
Lowest payment- Down payment
- $6,442
- Funds due
- $23,085
- Interest + MI left
- $589,403
- First ends
- Dec 2055
New loan
New conventional
$4,551/mo
+$102/mo- Down payment
- $49,980
- Funds due
- $62,874
- Interest + MI left
- $682,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,358 | $449,820 |
| Second mortgage | — | — |
| First P&I | $3,102.47 | $3,114.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.96 |
| Taxes, insurance & HOA | $1,346.17 | $1,346.17 |
| Total housing payment | $4,448.63 | $4,550.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,442
Closing costs & prepaids$16,643
Usable credit−$0
Total buyer cash needed$23,085
Earnest money paid−$0
Remaining funds due$23,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,998.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,466.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,249.50
Initial HOA (3 months)$2,289.00
Prepaid interest, first (2 days)$171.66
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$28,885Through Nov 2026
Assumption only · ends Dec 2055$589,403
New conventional · ends Dec 2056$682,182