Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,224/mo
+$768/mo- Down payment
- $0
- Funds due
- $21,770
- Interest + MI left
- $1,313,158
- First ends
- Jan 2056
New loan
New conventional
$6,456/mo
Lowest payment- Down payment
- $94,000
- Funds due
- $108,694
- Interest + MI left
- $1,283,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,065,077 | $846,000 |
| Second mortgage | — | — |
| First P&I | $6,794.96 | $5,857.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $169.20 |
| Taxes, insurance & HOA | $429.08 | $429.08 |
| Total housing payment | $7,224.04 | $6,455.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$21,770
Usable credit−$0
Total buyer cash needed$21,770
Earnest money paid−$0
Remaining funds due$21,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,325.39
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$637.25
Prepaid interest, first (1 days)$189.67
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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$57,991Through Nov 2026
Assumption only · ends Jan 2056$1,313,158
New conventional · ends Dec 2056$1,283,016