Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,258/mo
Lowest payment- Down payment
- $59,485
- Funds due
- $81,017
- Interest + MI left
- $965,777
- First ends
- Aug 2053
New loan
New conventional
$6,260/mo
+$1/mo- Down payment
- $89,900
- Funds due
- $105,571
- Interest + MI left
- $1,183,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $839,515 | $809,100 |
| Second mortgage | — | — |
| First P&I | $5,641.54 | $5,481.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $161.82 |
| Taxes, insurance & HOA | $616.83 | $616.83 |
| Total housing payment | $6,258.37 | $6,259.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,485
Closing costs & prepaids$21,532
Usable credit−$0
Total buyer cash needed$81,017
Earnest money paid−$0
Remaining funds due$81,017
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,197.57
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,078.75
Initial HOA (3 months)$121.74
Prepaid interest, first (6 days)$926.00
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 6.71%
Interest already paid$191,794Through Dec 2026
Assumption only · ends Aug 2053$965,777
New conventional · ends Jan 2057$1,183,038