Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$9,915/mo
+$184/mo- Down payment
- $79,234
- Funds due
- $109,678
- Interest + MI left
- $1,694,000
- First ends
- Sep 2054
New loan
New conventional
$9,731/mo
Lowest payment- Down payment
- $142,500
- Funds due
- $163,974
- Interest + MI left
- $1,875,227
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,345,766 | $1,282,500 |
| Second mortgage | — | — |
| First P&I | $9,128.43 | $8,688.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $256.50 |
| Taxes, insurance & HOA | $786.67 | $786.67 |
| Total housing payment | $9,915.09 | $9,731.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,234
Closing costs & prepaids$30,444
Usable credit−$0
Total buyer cash needed$109,678
Earnest money paid−$0
Remaining funds due$109,678
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,728.83
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,710.00
Prepaid interest, first (6 days)$1,537.49
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 closing27 yr 9 moOf the original 30-year loan at 6.95%
Interest already paid$213,208Through Dec 2026
Assumption only · ends Sep 2054$1,694,000
New conventional · ends Jan 2057$1,875,227