Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,453/mo
+$602/mo- Down payment
- $18,773
- Funds due
- $36,914
- Interest + MI left
- $1,084,511
- First ends
- Apr 2055
New loan
New conventional
$5,851/mo
Lowest payment- Down payment
- $79,500
- Funds due
- $94,997
- Interest + MI left
- $1,046,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $776,227 | $715,500 |
| Second mortgage | — | — |
| First P&I | $5,229.74 | $4,847.05 |
| Second P&I | — | — |
| Mortgage insurance | $362.11 | $143.10 |
| Taxes, insurance & HOA | $860.67 | $860.67 |
| Total housing payment | $6,452.51 | $5,850.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,773
Closing costs & prepaids$18,142
Usable credit−$0
Total buyer cash needed$36,914
Earnest money paid−$0
Remaining funds due$36,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,950.00
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)$954.00
Initial HOA (3 months)$978.00
Prepaid interest, first (7 days)$1,034.62
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 4 moOf the original 30-year loan at 6.95%
Interest already paid$90,769Through Dec 2026
Assumption only · ends Apr 2055$1,084,511
New conventional · ends Jan 2057$1,046,179