Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,088/mo
Lowest payment- Down payment
- $55,483
- Funds due
- $78,616
- Interest + MI left
- $1,150,797
- First ends
- Oct 2054
New loan
New conventional
$7,242/mo
+$153/mo- Down payment
- $99,900
- Funds due
- $116,540
- Interest + MI left
- $1,363,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $943,517 | $899,100 |
| Second mortgage | — | — |
| First P&I | $6,251.68 | $6,225.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $179.82 |
| Taxes, insurance & HOA | $836.58 | $836.58 |
| Total housing payment | $7,088.26 | $7,241.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,483
Closing costs & prepaids$23,133
Usable credit−$0
Total buyer cash needed$78,616
Earnest money paid−$0
Remaining funds due$78,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,717.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,609.75
Initial HOA (3 months)$249.99
Prepaid interest, first (2 days)$347.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing27 yr 11 moOf the original 30-year loan at 6.730%
Interest already paid$133,954Through Nov 2026
Assumption only · ends Oct 2054$1,150,797
New conventional · ends Dec 2056$1,363,546