Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,102/mo
+$302/mo- Down payment
- $36,003
- Funds due
- $51,223
- Interest + MI left
- $884,069
- First ends
- Jun 2055
New loan
New conventional
$4,800/mo
Lowest payment- Down payment
- $67,900
- Funds due
- $80,642
- Interest + MI left
- $893,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $642,997 | $611,100 |
| Second mortgage | — | — |
| First P&I | $4,264.71 | $4,139.80 |
| Second P&I | — | — |
| Mortgage insurance | $299.52 | $122.22 |
| Taxes, insurance & HOA | $538.25 | $538.25 |
| Total housing payment | $5,102.48 | $4,800.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,003
Closing costs & prepaids$15,220
Usable credit−$0
Total buyer cash needed$51,223
Earnest money paid−$0
Remaining funds due$51,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,790.00
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)$814.75
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$839.77
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 closing28 yr 6 moOf the original 30-year loan at 6.81%
Interest already paid$66,258Through Dec 2026
Assumption only · ends Jun 2055$884,069
New conventional · ends Jan 2057$893,529