Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$8,832/mo
+$176/mo- Down payment
- $35,929
- Funds due
- $62,103
- Interest + MI left
- $1,614,232
- First ends
- Apr 2055
New loan
New conventional
$8,656/mo
Lowest payment- Down payment
- $128,000
- Funds due
- $145,877
- Interest + MI left
- $1,747,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,244,071 | $1,152,000 |
| Second mortgage | — | — |
| First P&I | $8,382.12 | $7,976.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $230.40 |
| Taxes, insurance & HOA | $449.58 | $449.58 |
| Total housing payment | $8,831.70 | $8,656.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,929
Closing costs & prepaids$26,174
Usable credit−$0
Total buyer cash needed$62,103
Earnest money paid−$0
Remaining funds due$62,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,220.36
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$698.75
Prepaid interest, first (1 days)$237.23
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 closing28 yr 5 moOf the original 30-year loan at 6.960%
Interest already paid$138,332Through Nov 2026
Assumption only · ends Apr 2055$1,614,232
New conventional · ends Dec 2056$1,747,086