Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
Lowest payment- Down payment
- $9,199
- Funds due
- $20,864
- Interest + MI left
- $399,945
- First ends
- Feb 2056
New loan
New conventional
$2,586/mo
+$80/mo- Down payment
- $34,990
- Funds due
- $43,842
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,701 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,116.13 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $390.00 | $390.00 |
| Total housing payment | $2,506.13 | $2,586.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,199
Closing costs & prepaids$11,665
Usable credit−$0
Total buyer cash needed$20,864
Earnest money paid−$0
Remaining funds due$20,864
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,703.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$524.21
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 2 moOf the original 30-year loan at 6.24%
Interest already paid$17,813Through Dec 2026
Assumption only · ends Feb 2056$399,945
New conventional · ends Jan 2057$460,451