Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,873/mo
+$233/mo- Down payment
- $0
- Funds due
- $22,884
- Interest + MI left
- $1,024,432
- First ends
- Aug 2053
New loan
New conventional
$6,640/mo
Lowest payment- Down payment
- $95,000
- Funds due
- $111,364
- Interest + MI left
- $1,250,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $958,367 | $855,000 |
| Second mortgage | — | — |
| First P&I | $6,196.25 | $5,792.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $171.00 |
| Taxes, insurance & HOA | $676.67 | $676.67 |
| Total housing payment | $6,872.91 | $6,639.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$22,884
Usable credit−$0
Total buyer cash needed$22,884
Earnest money paid−$0
Remaining funds due$22,884
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,791.84
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,140.00
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$994.08
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 8 moOf the original 30-year loan at 6.31%
Interest already paid$206,217Through Dec 2026
Assumption only · ends Aug 2053$1,024,432
New conventional · ends Jan 2057$1,250,151