Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,985/mo
+$530/mo- Down payment
- $0
- Funds due
- $17,001
- Interest + MI left
- $964,194
- First ends
- Nov 2054
New loan
New conventional
$5,455/mo
Lowest payment- Down payment
- $78,000
- Funds due
- $92,438
- Interest + MI left
- $1,026,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $809,295 | $702,000 |
| Second mortgage | — | — |
| First P&I | $5,045.27 | $4,755.59 |
| Second P&I | — | — |
| Mortgage insurance | $380.78 | $140.40 |
| Taxes, insurance & HOA | $558.67 | $558.67 |
| Total housing payment | $5,984.71 | $5,454.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,001
Usable credit−$0
Total buyer cash needed$17,001
Earnest money paid−$0
Remaining funds due$17,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$936.00
Initial HOA (3 months)$90.00
Prepaid interest, first (7 days)$949.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 11 moOf the original 30-year loan at 6.12%
Interest already paid$104,639Through Dec 2026
Assumption only · ends Nov 2054$964,194
New conventional · ends Jan 2057$1,026,440