Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,912/mo
+$492/mo- Down payment
- $0
- Funds due
- $17,024
- Interest + MI left
- $966,101
- First ends
- Nov 2054
New loan
New conventional
$5,420/mo
Lowest payment- Down payment
- $76,500
- Funds due
- $90,961
- Interest + MI left
- $1,006,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $766,343 | $688,500 |
| Second mortgage | — | — |
| First P&I | $4,934.00 | $4,664.14 |
| Second P&I | — | — |
| Mortgage insurance | $360.03 | $137.70 |
| Taxes, insurance & HOA | $617.67 | $617.67 |
| Total housing payment | $5,911.69 | $5,419.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,024
Usable credit−$0
Total buyer cash needed$17,024
Earnest money paid−$0
Remaining funds due$17,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,650.00
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)$918.00
Initial HOA (3 months)$285.00
Prepaid interest, first (7 days)$946.49
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 closing27 yr 11 moOf the original 30-year loan at 6.44%
Interest already paid$104,184Through Dec 2026
Assumption only · ends Nov 2054$966,101
New conventional · ends Jan 2057$1,006,701