Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,444/mo
+$171/mo- Down payment
- $45,290
- Funds due
- $66,972
- Interest + MI left
- $1,023,176
- First ends
- Aug 2054
New loan
New conventional
$6,274/mo
Lowest payment- Down payment
- $84,990
- Funds due
- $100,984
- Interest + MI left
- $1,118,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $804,610 | $764,910 |
| Second mortgage | — | — |
| First P&I | $5,505.38 | $5,181.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $152.98 |
| Taxes, insurance & HOA | $939.08 | $939.08 |
| Total housing payment | $6,444.46 | $6,273.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,290
Closing costs & prepaids$21,682
Usable credit−$0
Total buyer cash needed$66,972
Earnest money paid−$0
Remaining funds due$66,972
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,023.05
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,167.25
Prepaid interest, first (5 days)$774.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing27 yr 8 moOf the original 30-year loan at 7.03%
Interest already paid$133,760Through Dec 2026
Assumption only · ends Aug 2054$1,023,176
New conventional · ends Jan 2057$1,118,425