Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,517/mo
Lowest payment- Down payment
- $53,779
- Funds due
- $76,992
- Interest + MI left
- $1,108,582
- First ends
- Nov 2055
New loan
New conventional
$6,699/mo
+$182/mo- Down payment
- $94,900
- Funds due
- $111,955
- Interest + MI left
- $1,248,835
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $895,221 | $854,100 |
| Second mortgage | — | — |
| First P&I | $5,774.65 | $5,785.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $170.82 |
| Taxes, insurance & HOA | $742.25 | $742.25 |
| Total housing payment | $6,516.90 | $6,699.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,779
Closing costs & prepaids$23,213
Usable credit−$0
Total buyer cash needed$76,992
Earnest money paid−$0
Remaining funds due$76,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,476.11
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,138.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$1,452.47
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$64,235Through Dec 2026
Assumption only · ends Nov 2055$1,108,582
New conventional · ends Jan 2057$1,248,835