Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,784/mo
+$1,396/mo- Down payment
- $0
- Funds due
- $19,517
- Interest + MI left
- $1,108,333
- First ends
- May 2055
New loan
New conventional
$5,388/mo
Lowest payment- Down payment
- $70,000
- Funds due
- $83,430
- Interest + MI left
- $955,436
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $904,153 | $629,999 |
| Second mortgage | — | — |
| First P&I | $5,884.46 | $4,361.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $900.00 | $900.00 |
| Total housing payment | $6,784.46 | $5,387.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$19,517
Usable credit−$0
Total buyer cash needed$19,517
Earnest money paid−$0
Remaining funds due$19,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,520.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,750.00
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$327.97
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 closing28 yr 6 moOf the original 30-year loan at 6.620%
Interest already paid$90,598Through Nov 2026
Assumption only · ends May 2055$1,108,333
New conventional · ends Dec 2056$955,436