Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,945/mo
Lowest payment- Down payment
- $10,161
- Funds due
- $30,697
- Interest + MI left
- $975,920
- First ends
- Feb 2056
New loan
New conventional
$6,040/mo
+$95/mo- Down payment
- $79,900
- Funds due
- $94,911
- Interest + MI left
- $1,090,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $788,839 | $719,100 |
| Second mortgage | — | — |
| First P&I | $5,027.80 | $4,978.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $143.82 |
| Taxes, insurance & HOA | $917.67 | $917.67 |
| Total housing payment | $5,945.47 | $6,040.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,161
Closing costs & prepaids$20,536
Usable credit−$0
Total buyer cash needed$30,697
Earnest money paid−$0
Remaining funds due$30,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,944.20
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,065.00
Initial HOA (3 months)$38.01
Prepaid interest, first (2 days)$280.96
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$38,636Through Nov 2026
Assumption only · ends Feb 2056$975,920
New conventional · ends Dec 2056$1,090,564