Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,962/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,774
- Interest + MI left
- $408,959
- First ends
- Jan 2056
New loan
New conventional
$3,405/mo
+$443/mo- Down payment
- $48,500
- Funds due
- $58,637
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,978 | $436,500 |
| Second mortgage | — | — |
| First P&I | $2,601.54 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.30 |
| Taxes, insurance & HOA | $360.67 | $360.67 |
| Total housing payment | $2,962.20 | $3,404.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,774
Usable credit−$0
Total buyer cash needed$13,774
Earnest money paid−$0
Remaining funds due$13,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,494.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$582.00
Prepaid interest, first (6 days)$378.95
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 4.62%
Interest already paid$21,302Through Dec 2026
Assumption only · ends Jan 2056$408,959
New conventional · ends Jan 2057$638,235