Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,567/mo
Lowest payment- Down payment
- $2,889
- Funds due
- $24,424
- Interest + MI left
- $1,066,576
- First ends
- Nov 2054
New loan
New conventional
$6,579/mo
+$12/mo- Down payment
- $92,500
- Funds due
- $107,713
- Interest + MI left
- $1,262,542
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $922,111 | $832,500 |
| Second mortgage | — | — |
| First P&I | $5,918.71 | $5,764.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $166.50 |
| Taxes, insurance & HOA | $648.08 | $648.08 |
| Total housing payment | $6,566.79 | $6,578.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,889
Closing costs & prepaids$21,535
Usable credit−$0
Total buyer cash needed$24,424
Earnest money paid−$0
Remaining funds due$24,424
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,610.55
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$832.25
Initial HOA (3 months)$462.00
Prepaid interest, first (1 days)$162.19
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 yrOf the original 30-year loan at 6.420%
Interest already paid$119,910Through Nov 2026
Assumption only · ends Nov 2054$1,066,576
New conventional · ends Dec 2056$1,262,542