Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,440/mo
Lowest payment- Down payment
- $50,430
- Funds due
- $72,374
- Interest + MI left
- $1,151,685
- First ends
- Apr 2056
New loan
New conventional
$6,809/mo
+$369/mo- Down payment
- $97,500
- Funds due
- $113,079
- Interest + MI left
- $1,330,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $924,570 | $877,500 |
| Second mortgage | — | — |
| First P&I | $5,881.74 | $6,075.63 |
| Second P&I | — | — |
| Mortgage insurance | — | $175.50 |
| Taxes, insurance & HOA | $557.83 | $557.83 |
| Total housing payment | $6,439.57 | $6,808.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,430
Closing costs & prepaids$21,944
Usable credit−$0
Total buyer cash needed$72,374
Earnest money paid−$0
Remaining funds due$72,374
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,622.85
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$666.50
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$329.30
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 closing29 yr 5 moOf the original 30-year loan at 6.500%
Interest already paid$35,187Through Nov 2026
Assumption only · ends Apr 2056$1,151,685
New conventional · ends Dec 2056$1,330,788