Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,412/mo
Lowest payment- Down payment
- $55,481
- Funds due
- $78,788
- Interest + MI left
- $893,455
- First ends
- Mar 2053
New loan
New conventional
$6,820/mo
+$408/mo- Down payment
- $98,900
- Funds due
- $115,989
- Interest + MI left
- $1,301,473
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $933,519 | $890,100 |
| Second mortgage | — | — |
| First P&I | $5,799.92 | $6,029.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $178.02 |
| Taxes, insurance & HOA | $612.25 | $612.25 |
| Total housing payment | $6,412.17 | $6,820.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,481
Closing costs & prepaids$23,307
Usable credit−$0
Total buyer cash needed$78,788
Earnest money paid−$0
Remaining funds due$78,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,667.60
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,186.75
Prepaid interest, first (9 days)$1,344.27
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 closing26 yr 3 moOf the original 30-year loan at 5.84%
Interest already paid$210,315Through Dec 2026
Assumption only · ends Mar 2053$893,455
New conventional · ends Jan 2057$1,301,473