Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,314/mo
+$1,089/mo- Down payment
- $0
- Funds due
- $16,225
- Interest + MI left
- $596,643
- First ends
- May 2052
New loan
New conventional
$5,224/mo
Lowest payment- Down payment
- $75,000
- Funds due
- $89,004
- Interest + MI left
- $986,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,064,194 | $675,000 |
| Second mortgage | — | — |
| First P&I | $4,957.74 | $4,572.69 |
| Second P&I | — | — |
| Mortgage insurance | $839.38 | $135.00 |
| Taxes, insurance & HOA | $516.67 | $516.67 |
| Total housing payment | $6,313.79 | $5,224.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,225
Usable credit−$0
Total buyer cash needed$16,225
Earnest money paid−$0
Remaining funds due$16,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$900.00
Prepaid interest, first (7 days)$600.03
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 closing25 yr 5 moOf the original 30-year loan at 2.94%
Interest already paid$151,870Through Dec 2026
Assumption only · ends May 2052$596,643
New conventional · ends Jan 2057$986,962