Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,276/mo
+$195/mo- Down payment
- $4,571
- Funds due
- $25,175
- Interest + MI left
- $1,055,345
- First ends
- May 2055
New loan
New conventional
$6,081/mo
Lowest payment- Down payment
- $82,500
- Funds due
- $97,375
- Interest + MI left
- $1,126,051
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $820,429 | $742,500 |
| Second mortgage | — | — |
| First P&I | $5,484.72 | $5,140.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $148.50 |
| Taxes, insurance & HOA | $791.42 | $791.42 |
| Total housing payment | $6,276.14 | $6,080.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,571
Closing costs & prepaids$20,604
Usable credit−$0
Total buyer cash needed$25,175
Earnest money paid−$0
Remaining funds due$25,175
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,102.15
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$539.25
Initial HOA (3 months)$1,185.00
Prepaid interest, first (2 days)$309.74
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 6.890%
Interest already paid$85,523Through Nov 2026
Assumption only · ends May 2055$1,055,345
New conventional · ends Dec 2056$1,126,051