Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,801/mo
Lowest payment- Down payment
- $21,561
- Funds due
- $36,584
- Interest + MI left
- $637,813
- First ends
- Oct 2056
New loan
New conventional
$3,908/mo
+$108/mo- Down payment
- $52,500
- Funds due
- $63,703
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,439 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,187.85 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $612.92 | $612.92 |
| Total housing payment | $3,800.77 | $3,908.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,561
Closing costs & prepaids$15,022
Usable credit−$0
Total buyer cash needed$36,584
Earnest money paid−$0
Remaining funds due$36,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,517.19
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,338.75
Prepaid interest, first (5 days)$448.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.5%
Interest already paid$5,461Through Dec 2026
Assumption only · ends Oct 2056$637,813
New conventional · ends Jan 2057$690,873