Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,426/mo
+$306/mo- Down payment
- $5,345
- Funds due
- $27,479
- Interest + MI left
- $1,050,634
- First ends
- May 2055
New loan
New conventional
$6,120/mo
Lowest payment- Down payment
- $82,500
- Funds due
- $98,840
- Interest + MI left
- $1,085,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $819,655 | $742,500 |
| Second mortgage | — | — |
| First P&I | $5,484.72 | $5,029.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $148.50 |
| Taxes, insurance & HOA | $941.67 | $941.67 |
| Total housing payment | $6,426.39 | $6,120.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,345
Closing costs & prepaids$22,134
Usable credit−$0
Total buyer cash needed$27,479
Earnest money paid−$0
Remaining funds due$27,479
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,098.28
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$990.00
Initial HOA (3 months)$1,185.00
Prepaid interest, first (9 days)$1,392.52
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 5 moOf the original 30-year loan at 6.89%
Interest already paid$90,234Through Dec 2026
Assumption only · ends May 2055$1,050,634
New conventional · ends Jan 2057$1,085,658