Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,995/mo
Lowest payment- Down payment
- $33,352
- Funds due
- $53,756
- Interest + MI left
- $1,057,513
- First ends
- Oct 2055
New loan
New conventional
$6,220/mo
+$225/mo- Down payment
- $90,000
- Funds due
- $104,387
- Interest + MI left
- $1,228,419
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $866,648 | $810,000 |
| Second mortgage | — | — |
| First P&I | $5,545.13 | $5,608.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $162.00 |
| Taxes, insurance & HOA | $449.42 | $449.42 |
| Total housing payment | $5,994.55 | $6,219.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,352
Closing costs & prepaids$20,404
Usable credit−$0
Total buyer cash needed$53,756
Earnest money paid−$0
Remaining funds due$53,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,333.24
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$468.25
Initial HOA (3 months)$230.01
Prepaid interest, first (1 days)$154.33
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$61,435Through Nov 2026
Assumption only · ends Oct 2055$1,057,513
New conventional · ends Dec 2056$1,228,419