Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,521/mo
+$1,294/mo- Down payment
- $0
- Funds due
- $25,273
- Interest + MI left
- $1,528,053
- First ends
- Sep 2055
New loan
New conventional
$7,227/mo
Lowest payment- Down payment
- $105,000
- Funds due
- $122,250
- Interest + MI left
- $1,381,746
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,192,162 | $945,000 |
| Second mortgage | — | — |
| First P&I | $7,884.68 | $6,401.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $189.00 |
| Taxes, insurance & HOA | $636.67 | $636.67 |
| Total housing payment | $8,521.35 | $7,227.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$25,273
Usable credit−$0
Total buyer cash needed$25,273
Earnest money paid−$0
Remaining funds due$25,273
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,960.81
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,260.00
Prepaid interest, first (6 days)$1,334.57
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 9 moOf the original 30-year loan at 6.81%
Interest already paid$102,221Through Dec 2026
Assumption only · ends Sep 2055$1,528,053
New conventional · ends Jan 2057$1,381,746