Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$12,128/mo
+$112/mo- Down payment
- $61,770
- Funds due
- $96,394
- Interest + MI left
- $2,057,216
- First ends
- Apr 2055
New loan
New conventional
$12,016/mo
Lowest payment- Down payment
- $165,000
- Funds due
- $189,239
- Interest + MI left
- $2,252,102
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,588,230 | $1,485,000 |
| Second mortgage | — | — |
| First P&I | $10,690.46 | $10,281.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $297.00 |
| Taxes, insurance & HOA | $1,437.50 | $1,437.50 |
| Total housing payment | $12,127.96 | $12,016.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,770
Closing costs & prepaids$34,624
Usable credit−$0
Total buyer cash needed$96,394
Earnest money paid−$0
Remaining funds due$96,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7,941.15
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$3,621.25
Initial HOA (3 months)$41.25
Prepaid interest, first (1 days)$302.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.950%
Interest already paid$176,349Through Nov 2026
Assumption only · ends Apr 2055$2,057,216
New conventional · ends Dec 2056$2,252,102