Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,983/mo
+$374/mo- Down payment
- $18,070
- Funds due
- $35,397
- Interest + MI left
- $1,047,234
- First ends
- Nov 2055
New loan
New conventional
$5,609/mo
Lowest payment- Down payment
- $79,900
- Funds due
- $94,636
- Interest + MI left
- $1,051,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $780,930 | $719,100 |
| Second mortgage | — | — |
| First P&I | $5,027.22 | $4,871.43 |
| Second P&I | — | — |
| Mortgage insurance | $362.28 | $143.82 |
| Taxes, insurance & HOA | $593.25 | $593.25 |
| Total housing payment | $5,982.74 | $5,608.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,070
Closing costs & prepaids$17,327
Usable credit−$0
Total buyer cash needed$35,397
Earnest money paid−$0
Remaining funds due$35,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$958.75
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$982.47
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 11 moOf the original 30-year loan at 6.56%
Interest already paid$55,865Through Dec 2026
Assumption only · ends Nov 2055$1,047,234
New conventional · ends Jan 2057$1,051,443