Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,203/mo
+$279/mo- Down payment
- $32,576
- Funds due
- $48,427
- Interest + MI left
- $877,314
- First ends
- Jan 2055
New loan
New conventional
$4,924/mo
Lowest payment- Down payment
- $70,500
- Funds due
- $83,865
- Interest + MI left
- $927,744
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $672,424 | $634,500 |
| Second mortgage | — | — |
| First P&I | $4,389.64 | $4,298.32 |
| Second P&I | — | — |
| Mortgage insurance | $315.02 | $126.90 |
| Taxes, insurance & HOA | $498.67 | $498.67 |
| Total housing payment | $5,203.32 | $4,923.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,576
Closing costs & prepaids$15,851
Usable credit−$0
Total buyer cash needed$48,427
Earnest money paid−$0
Remaining funds due$48,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,050.00
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)$846.00
Prepaid interest, first (6 days)$729.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 6.6%
Interest already paid$86,065Through Dec 2026
Assumption only · ends Jan 2055$877,314
New conventional · ends Jan 2057$927,744