Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,364/mo
+$964/mo- Down payment
- $0
- Funds due
- $16,236
- Interest + MI left
- $863,860
- First ends
- Nov 2053
New loan
New conventional
$4,400/mo
Lowest payment- Down payment
- $60,000
- Funds due
- $71,344
- Interest + MI left
- $818,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $694,798 | $540,000 |
| Second mortgage | — | — |
| First P&I | $4,810.67 | $3,738.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $553.17 | $553.17 |
| Total housing payment | $5,363.84 | $4,400.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,236
Usable credit−$0
Total buyer cash needed$16,236
Earnest money paid−$0
Remaining funds due$16,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,473.99
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$892.50
Initial HOA (3 months)$267.00
Prepaid interest, first (1 days)$134.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 7.070%
Interest already paid$149,982Through Nov 2026
Assumption only · ends Nov 2053$863,860
New conventional · ends Dec 2056$818,946