Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,199/mo
+$515/mo- Down payment
- $0
- Funds due
- $23,732
- Interest + MI left
- $1,217,800
- First ends
- Mar 2055
New loan
New conventional
$6,685/mo
Lowest payment- Down payment
- $94,000
- Funds due
- $111,087
- Interest + MI left
- $1,236,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $956,828 | $846,000 |
| Second mortgage | — | — |
| First P&I | $6,414.83 | $5,731.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $169.20 |
| Taxes, insurance & HOA | $784.67 | $784.67 |
| Total housing payment | $7,199.50 | $6,684.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$23,732
Usable credit−$0
Total buyer cash needed$23,732
Earnest money paid−$0
Remaining funds due$23,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,784.14
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,128.00
Initial HOA (3 months)$576.00
Prepaid interest, first (9 days)$1,625.56
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 closing28 yr 3 moOf the original 30-year loan at 6.89%
Interest already paid$116,539Through Dec 2026
Assumption only · ends Mar 2055$1,217,800
New conventional · ends Jan 2057$1,236,992