Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,723/mo
Lowest payment- Down payment
- $55,782
- Funds due
- $80,002
- Interest + MI left
- $1,134,576
- First ends
- Apr 2056
New loan
New conventional
$7,266/mo
+$543/mo- Down payment
- $105,000
- Funds due
- $122,553
- 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 | $994,218 | $945,000 |
| Second mortgage | — | — |
| First P&I | $6,047.71 | $6,401.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $189.00 |
| Taxes, insurance & HOA | $675.42 | $675.42 |
| Total housing payment | $6,723.13 | $7,266.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,782
Closing costs & prepaids$24,221
Usable credit−$0
Total buyer cash needed$80,002
Earnest money paid−$0
Remaining funds due$80,002
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%)$4,971.09
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,260.00
Initial HOA (3 months)$116.25
Prepaid interest, first (7 days)$1,155.47
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 closing29 yr 4 moOf the original 30-year loan at 6.06%
Interest already paid$40,350Through Dec 2026
Assumption only · ends Apr 2056$1,134,576
New conventional · ends Jan 2057$1,381,746