Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,866/mo
+$1,388/mo- Down payment
- $0
- Funds due
- $17,506
- Interest + MI left
- $919,950
- First ends
- Jan 2053
New loan
New conventional
$4,478/mo
Lowest payment- Down payment
- $63,900
- Funds due
- $75,907
- Interest + MI left
- $840,891
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $769,939 | $575,100 |
| Second mortgage | — | — |
| First P&I | $5,399.01 | $3,895.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.02 |
| Taxes, insurance & HOA | $467.25 | $467.25 |
| Total housing payment | $5,866.26 | $4,478.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,506
Usable credit−$0
Total buyer cash needed$17,506
Earnest money paid−$0
Remaining funds due$17,506
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,849.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$766.75
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$896.08
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 1 moOf the original 30-year loan at 7.08%
Interest already paid$218,692Through Dec 2026
Assumption only · ends Jan 2053$919,950
New conventional · ends Jan 2057$840,891