Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,793/mo
+$1,178/mo- Down payment
- $0
- Funds due
- $21,215
- Interest + MI left
- $1,159,072
- First ends
- Jan 2055
New loan
New conventional
$5,615/mo
Lowest payment- Down payment
- $80,000
- Funds due
- $94,747
- Interest + MI left
- $1,052,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $930,199 | $720,000 |
| Second mortgage | — | — |
| First P&I | $6,199.62 | $4,877.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $144.00 |
| Taxes, insurance & HOA | $593.67 | $593.67 |
| Total housing payment | $6,793.29 | $5,615.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$21,215
Usable credit−$0
Total buyer cash needed$21,215
Earnest money paid−$0
Remaining funds due$21,215
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,651.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$960.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$1,214.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 6.81%
Interest already paid$122,791Through Dec 2026
Assumption only · ends Jan 2055$1,159,072
New conventional · ends Jan 2057$1,052,759