Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,779/mo
+$1,000/mo- Down payment
- $0
- Funds due
- $15,303
- Interest + MI left
- $961,916
- First ends
- Jun 2054
New loan
New conventional
$4,779/mo
Lowest payment- Down payment
- $67,500
- Funds due
- $80,212
- Interest + MI left
- $888,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $728,388 | $607,500 |
| Second mortgage | — | — |
| First P&I | $4,893.78 | $4,115.42 |
| Second P&I | — | — |
| Mortgage insurance | $343.35 | $121.50 |
| Taxes, insurance & HOA | $541.67 | $541.67 |
| Total housing payment | $5,778.80 | $4,778.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,303
Usable credit−$0
Total buyer cash needed$15,303
Earnest money paid−$0
Remaining funds due$15,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$315.00
Prepaid interest, first (7 days)$952.69
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$126,068Through Dec 2026
Assumption only · ends Jun 2054$961,916
New conventional · ends Jan 2057$888,265