Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,229/mo
Lowest payment- Down payment
- $36,965
- Funds due
- $53,327
- Interest + MI left
- $719,540
- First ends
- Jan 2056
New loan
New conventional
$4,473/mo
+$245/mo- Down payment
- $64,500
- Funds due
- $76,439
- Interest + MI left
- $848,787
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $608,035 | $580,500 |
| Second mortgage | — | — |
| First P&I | $3,803.94 | $3,932.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.10 |
| Taxes, insurance & HOA | $424.67 | $424.67 |
| Total housing payment | $4,228.61 | $4,473.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,965
Closing costs & prepaids$16,362
Usable credit−$0
Total buyer cash needed$53,327
Earnest money paid−$0
Remaining funds due$53,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,040.17
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$774.00
Prepaid interest, first (6 days)$629.69
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 6.3%
Interest already paid$35,321Through Dec 2026
Assumption only · ends Jan 2056$719,540
New conventional · ends Jan 2057$848,787