Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,729/mo
+$873/mo- Down payment
- $48,121
- Funds due
- $62,935
- Interest + MI left
- $329,661
- First ends
- Jan 2043
New loan
New conventional
$3,856/mo
Lowest payment- Down payment
- $53,450
- Funds due
- $64,506
- Interest + MI left
- $703,375
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $486,379 | $481,050 |
| Second mortgage | — | — |
| First P&I | $4,228.19 | $3,258.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.21 |
| Taxes, insurance & HOA | $500.83 | $500.83 |
| Total housing payment | $4,729.02 | $3,855.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,121
Closing costs & prepaids$14,813
Usable credit−$0
Total buyer cash needed$62,935
Earnest money paid−$0
Remaining funds due$62,935
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,345.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,431.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$641.50
Initial HOA (3 months)$360.99
Prepaid interest, first (6 days)$566.06
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 closing16 yr 1 moOf the original 20-year loan at 7.08%
Interest already paid$143,104Through Dec 2026
Assumption only · ends Jan 2043$329,661
New conventional · ends Jan 2057$703,375