Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,008/mo
+$1,281/mo- Down payment
- $0
- Funds due
- $20,780
- Interest + MI left
- $1,155,728
- First ends
- May 2055
New loan
New conventional
$5,727/mo
Lowest payment- Down payment
- $73,990
- Funds due
- $88,644
- Interest + MI left
- $1,009,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $904,803 | $665,910 |
| Second mortgage | — | — |
| First P&I | $6,024.94 | $4,610.63 |
| Second P&I | — | — |
| Mortgage insurance | — | $133.18 |
| Taxes, insurance & HOA | $983.25 | $983.25 |
| Total housing payment | $7,008.19 | $5,727.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$20,780
Usable credit−$0
Total buyer cash needed$20,780
Earnest money paid−$0
Remaining funds due$20,780
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,524.01
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,849.75
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$339.61
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 6.850%
Interest already paid$93,777Through Nov 2026
Assumption only · ends May 2055$1,155,728
New conventional · ends Dec 2056$1,009,897