Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,190/mo
Lowest payment- Down payment
- $26,263
- Funds due
- $39,705
- Interest + MI left
- $550,211
- First ends
- Mar 2056
New loan
New conventional
$3,312/mo
+$122/mo- Down payment
- $47,100
- Funds due
- $57,080
- Interest + MI left
- $619,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,737 | $423,900 |
| Second mortgage | — | — |
| First P&I | $2,834.61 | $2,871.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.78 |
| Taxes, insurance & HOA | $355.08 | $355.08 |
| Total housing payment | $3,189.69 | $3,311.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,263
Closing costs & prepaids$13,442
Usable credit−$0
Total buyer cash needed$39,705
Earnest money paid−$0
Remaining funds due$39,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,710.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,223.69
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$565.25
Prepaid interest, first (6 days)$475.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.5%
Interest already paid$21,783Through Dec 2026
Assumption only · ends Mar 2056$550,211
New conventional · ends Jan 2057$619,812