Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,085/mo
+$584/mo- Down payment
- $0
- Funds due
- $20,125
- Interest + MI left
- $961,712
- First ends
- Nov 2053
New loan
New conventional
$5,501/mo
Lowest payment- Down payment
- $77,500
- Funds due
- $91,983
- Interest + MI left
- $1,019,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $798,057 | $697,500 |
| Second mortgage | — | — |
| First P&I | $5,448.20 | $4,725.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $139.50 |
| Taxes, insurance & HOA | $636.67 | $636.67 |
| Total housing payment | $6,084.87 | $5,501.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$20,125
Usable credit−$0
Total buyer cash needed$20,125
Earnest money paid−$0
Remaining funds due$20,125
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,990.28
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Initial HOA (3 months)$330.00
Prepaid interest, first (6 days)$906.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing26 yr 11 moOf the original 30-year loan at 6.91%
Interest already paid$173,240Through Dec 2026
Assumption only · ends Nov 2053$961,712
New conventional · ends Jan 2057$1,019,860