Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,188/mo
+$53/mo- Down payment
- $9,203
- Funds due
- $31,167
- Interest + MI left
- $1,052,819
- First ends
- Oct 2055
New loan
New conventional
$6,136/mo
Lowest payment- Down payment
- $87,500
- Funds due
- $103,474
- Interest + MI left
- $1,151,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $865,797 | $787,500 |
| Second mortgage | — | — |
| First P&I | $5,545.13 | $5,334.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $157.50 |
| Taxes, insurance & HOA | $643.34 | $643.34 |
| Total housing payment | $6,188.47 | $6,135.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,203
Closing costs & prepaids$21,965
Usable credit−$0
Total buyer cash needed$31,167
Earnest money paid−$0
Remaining funds due$31,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,328.99
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,050.00
Initial HOA (3 months)$230.01
Prepaid interest, first (9 days)$1,387.65
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$66,129Through Dec 2026
Assumption only · ends Oct 2055$1,052,819
New conventional · ends Jan 2057$1,151,455