Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,993/mo
Lowest payment- Down payment
- $24,762
- Funds due
- $38,010
- Interest + MI left
- $474,392
- First ends
- May 2056
New loan
New conventional
$3,217/mo
+$224/mo- Down payment
- $43,500
- Funds due
- $53,544
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,238 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,506.03 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $487.00 | $487.00 |
| Total housing payment | $2,993.03 | $3,217.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,762
Closing costs & prepaids$13,248
Usable credit−$0
Total buyer cash needed$38,010
Earnest money paid−$0
Remaining funds due$38,010
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,051.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Initial HOA (3 months)$489.00
Prepaid interest, first (9 days)$618.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 6.11%
Interest already paid$14,680Through Dec 2026
Assumption only · ends May 2056$474,392
New conventional · ends Jan 2057$572,438