Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,111/mo
+$348/mo- Down payment
- $37,095
- Funds due
- $65,997
- Interest + MI left
- $1,607,016
- First ends
- Apr 2055
New loan
New conventional
$8,763/mo
Lowest payment- Down payment
- $128,000
- Funds due
- $148,521
- Interest + MI left
- $1,684,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,242,905 | $1,152,000 |
| Second mortgage | — | — |
| First P&I | $8,382.12 | $7,804.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $230.40 |
| Taxes, insurance & HOA | $728.67 | $728.67 |
| Total housing payment | $9,110.79 | $8,763.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,095
Closing costs & prepaids$28,902
Usable credit−$0
Total buyer cash needed$65,997
Earnest money paid−$0
Remaining funds due$65,997
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,214.52
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,536.00
Prepaid interest, first (9 days)$2,133.03
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 4 moOf the original 30-year loan at 6.96%
Interest already paid$145,547Through Dec 2026
Assumption only · ends Apr 2055$1,607,016
New conventional · ends Jan 2057$1,684,415