Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,883/mo
+$399/mo- Down payment
- $40,557
- Funds due
- $57,611
- Interest + MI left
- $1,030,745
- First ends
- Apr 2055
New loan
New conventional
$5,484/mo
Lowest payment- Down payment
- $78,800
- Funds due
- $93,258
- Interest + MI left
- $1,036,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $747,443 | $709,200 |
| Second mortgage | — | — |
| First P&I | $4,996.44 | $4,804.37 |
| Second P&I | — | — |
| Mortgage insurance | $348.77 | $141.84 |
| Taxes, insurance & HOA | $538.08 | $538.08 |
| Total housing payment | $5,883.29 | $5,484.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,557
Closing costs & prepaids$17,054
Usable credit−$0
Total buyer cash needed$57,611
Earnest money paid−$0
Remaining funds due$57,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,880.00
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)$945.50
Initial HOA (3 months)$18.75
Prepaid interest, first (7 days)$984.78
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 6.87%
Interest already paid$86,410Through Dec 2026
Assumption only · ends Apr 2055$1,030,745
New conventional · ends Jan 2057$1,036,968