Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,955/mo
Lowest payment- Down payment
- $26,640
- Funds due
- $45,051
- Interest + MI left
- $811,000
- First ends
- Jan 2055
New loan
New conventional
$4,993/mo
+$39/mo- Down payment
- $71,500
- Funds due
- $84,986
- Interest + MI left
- $940,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $688,360 | $643,500 |
| Second mortgage | — | — |
| First P&I | $4,449.14 | $4,359.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $128.70 |
| Taxes, insurance & HOA | $505.42 | $505.42 |
| Total housing payment | $4,954.56 | $4,993.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,640
Closing costs & prepaids$18,412
Usable credit−$0
Total buyer cash needed$45,051
Earnest money paid−$0
Remaining funds due$45,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,441.80
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$858.00
Initial HOA (3 months)$8.25
Prepaid interest, first (6 days)$735.51
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 closing28 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$86,788Through Dec 2026
Assumption only · ends Jan 2055$811,000
New conventional · ends Jan 2057$940,903