Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,308/mo
+$230/mo- Down payment
- $53,575
- Funds due
- $71,911
- Interest + MI left
- $1,030,910
- First ends
- Apr 2055
New loan
New conventional
$6,078/mo
Lowest payment- Down payment
- $82,900
- Funds due
- $98,639
- Interest + MI left
- $1,090,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $775,425 | $746,100 |
| Second mortgage | — | — |
| First P&I | $5,071.86 | $5,054.34 |
| Second P&I | — | — |
| Mortgage insurance | $362.11 | $149.22 |
| Taxes, insurance & HOA | $874.25 | $874.25 |
| Total housing payment | $6,308.22 | $6,077.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,575
Closing costs & prepaids$18,335
Usable credit−$0
Total buyer cash needed$71,911
Earnest money paid−$0
Remaining funds due$71,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,290.00
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)$994.75
Initial HOA (3 months)$978.00
Prepaid interest, first (6 days)$847.66
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 4 moOf the original 30-year loan at 6.65%
Interest already paid$86,809Through Dec 2026
Assumption only · ends Apr 2055$1,030,910
New conventional · ends Jan 2057$1,090,922