Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,659/mo
+$113/mo- Down payment
- $3,875
- Funds due
- $26,978
- Interest + MI left
- $1,061,643
- First ends
- Nov 2054
New loan
New conventional
$6,547/mo
Lowest payment- Down payment
- $92,500
- Funds due
- $109,296
- Interest + MI left
- $1,217,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $921,125 | $832,500 |
| Second mortgage | — | — |
| First P&I | $5,918.71 | $5,639.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $166.50 |
| Taxes, insurance & HOA | $740.67 | $740.67 |
| Total housing payment | $6,659.38 | $6,546.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,875
Closing costs & prepaids$23,104
Usable credit−$0
Total buyer cash needed$26,978
Earnest money paid−$0
Remaining funds due$26,978
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,605.63
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,110.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$1,458.15
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 closing27 yr 11 moOf the original 30-year loan at 6.42%
Interest already paid$124,843Through Dec 2026
Assumption only · ends Nov 2054$1,061,643
New conventional · ends Jan 2057$1,217,253