Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,283/mo
Lowest payment- Down payment
- $79,104
- Funds due
- $103,622
- Interest + MI left
- $1,299,922
- First ends
- Feb 2056
New loan
New conventional
$8,079/mo
+$796/mo- Down payment
- $119,990
- Funds due
- $136,941
- Interest + MI left
- $1,637,756
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,120,796 | $1,079,910 |
| Second mortgage | — | — |
| First P&I | $6,896.63 | $7,477.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $215.98 |
| Taxes, insurance & HOA | $385.92 | $385.92 |
| Total housing payment | $7,282.55 | $8,078.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,104
Closing costs & prepaids$24,518
Usable credit−$0
Total buyer cash needed$103,622
Earnest money paid−$0
Remaining funds due$103,622
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,603.98
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$507.75
Prepaid interest, first (1 days)$189.15
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 3 moOf the original 30-year loan at 6.160%
Interest already paid$52,040Through Nov 2026
Assumption only · ends Feb 2056$1,299,922
New conventional · ends Dec 2056$1,637,756