Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,813/mo
Lowest payment- Down payment
- $53,670
- Funds due
- $73,462
- Interest + MI left
- $1,007,319
- First ends
- Apr 2055
New loan
New conventional
$5,903/mo
+$91/mo- Down payment
- $83,000
- Funds due
- $97,294
- Interest + MI left
- $1,132,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $776,330 | $747,000 |
| Second mortgage | — | — |
| First P&I | $5,230.64 | $5,172.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $149.40 |
| Taxes, insurance & HOA | $582.00 | $582.00 |
| Total housing payment | $5,812.64 | $5,903.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,670
Closing costs & prepaids$19,792
Usable credit−$0
Total buyer cash needed$73,462
Earnest money paid−$0
Remaining funds due$73,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,881.65
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$697.00
Initial HOA (3 months)$399.00
Prepaid interest, first (2 days)$296.07
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 5 moOf the original 30-year loan at 6.960%
Interest already paid$86,322Through Nov 2026
Assumption only · ends Apr 2055$1,007,319
New conventional · ends Dec 2056$1,132,876