Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,251/mo
+$677/mo- Down payment
- $0
- Funds due
- $14,894
- Interest + MI left
- $917,023
- First ends
- Jan 2056
New loan
New conventional
$4,575/mo
Lowest payment- Down payment
- $64,100
- Funds due
- $76,492
- Interest + MI left
- $843,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $686,276 | $576,900 |
| Second mortgage | — | — |
| First P&I | $4,382.51 | $3,908.12 |
| Second P&I | — | — |
| Mortgage insurance | $317.79 | $115.38 |
| Taxes, insurance & HOA | $551.08 | $551.08 |
| Total housing payment | $5,251.39 | $4,574.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,894
Usable credit−$0
Total buyer cash needed$14,894
Earnest money paid−$0
Remaining funds due$14,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,410.00
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)$769.25
Initial HOA (3 months)$384.00
Prepaid interest, first (7 days)$855.50
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 closing29 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$41,123Through Dec 2026
Assumption only · ends Jan 2056$917,023
New conventional · ends Jan 2057$843,523