Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,233/mo
Lowest payment- Down payment
- $25,514
- Funds due
- $40,387
- Interest + MI left
- $444,038
- First ends
- Jan 2056
New loan
New conventional
$3,910/mo
+$677/mo- Down payment
- $55,000
- Funds due
- $66,082
- Interest + MI left
- $723,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $524,485 | $494,999 |
| Second mortgage | — | — |
| First P&I | $2,775.14 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $457.67 | $457.67 |
| Total housing payment | $3,232.80 | $3,909.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,514
Closing costs & prepaids$14,873
Usable credit−$0
Total buyer cash needed$40,387
Earnest money paid−$0
Remaining funds due$40,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,622.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$213.00
Prepaid interest, first (6 days)$409.53
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 1 moOf the original 30-year loan at 4.75%
Interest already paid$23,016Through Dec 2026
Assumption only · ends Jan 2056$444,038
New conventional · ends Jan 2057$723,770