Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,388/mo
+$895/mo- Down payment
- $0
- Funds due
- $23,772
- Interest + MI left
- $1,307,389
- First ends
- Jan 2056
New loan
New conventional
$6,493/mo
Lowest payment- Down payment
- $94,000
- Funds due
- $110,511
- 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 | $1,064,051 | $846,000 |
| Second mortgage | — | — |
| First P&I | $6,794.96 | $5,731.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $169.20 |
| Taxes, insurance & HOA | $592.67 | $592.67 |
| Total housing payment | $7,387.63 | $6,492.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$23,772
Usable credit−$0
Total buyer cash needed$23,772
Earnest money paid−$0
Remaining funds due$23,772
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%)$5,320.26
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,128.00
Prepaid interest, first (9 days)$1,705.40
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 1 moOf the original 30-year loan at 6.5%
Interest already paid$63,760Through Dec 2026
Assumption only · ends Jan 2056$1,307,389
New conventional · ends Jan 2057$1,236,992