Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,671/mo
Lowest payment- Down payment
- $55,641
- Funds due
- $76,253
- Interest + MI left
- $922,065
- First ends
- Apr 2055
New loan
New conventional
$5,892/mo
+$220/mo- Down payment
- $83,000
- Funds due
- $98,172
- Interest + MI left
- $1,092,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $774,359 | $747,000 |
| Second mortgage | — | — |
| First P&I | $4,989.48 | $5,060.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $149.40 |
| Taxes, insurance & HOA | $681.67 | $681.67 |
| Total housing payment | $5,671.15 | $5,891.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,641
Closing costs & prepaids$20,612
Usable credit−$0
Total buyer cash needed$76,253
Earnest money paid−$0
Remaining funds due$76,253
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,871.79
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$996.00
Initial HOA (3 months)$399.00
Prepaid interest, first (6 days)$827.40
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$84,758Through Dec 2026
Assumption only · ends Apr 2055$922,065
New conventional · ends Jan 2057$1,092,238