Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,893/mo
+$180/mo- Down payment
- $58,907
- Funds due
- $76,511
- Interest + MI left
- $1,014,033
- First ends
- Sep 2055
New loan
New conventional
$5,713/mo
Lowest payment- Down payment
- $79,990
- Funds due
- $95,030
- Interest + MI left
- $1,052,627
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $740,993 | $719,910 |
| Second mortgage | — | — |
| First P&I | $4,856.93 | $4,876.92 |
| Second P&I | — | — |
| Mortgage insurance | $344.27 | $143.98 |
| Taxes, insurance & HOA | $691.67 | $691.67 |
| Total housing payment | $5,892.87 | $5,712.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,907
Closing costs & prepaids$17,604
Usable credit−$0
Total buyer cash needed$76,511
Earnest money paid−$0
Remaining funds due$76,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,999.00
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)$960.00
Initial HOA (3 months)$465.00
Prepaid interest, first (7 days)$954.97
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 9 moOf the original 30-year loan at 6.72%
Interest already paid$62,704Through Dec 2026
Assumption only · ends Sep 2055$1,014,033
New conventional · ends Jan 2057$1,052,627