Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,933/mo
+$1,761/mo- Down payment
- $0
- Funds due
- $14,067
- Interest + MI left
- $1,039,369
- First ends
- Aug 2054
New loan
New conventional
$4,172/mo
Lowest payment- Down payment
- $59,990
- Funds due
- $71,421
- Interest + MI left
- $789,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $756,484 | $539,910 |
| Second mortgage | — | — |
| First P&I | $5,171.11 | $3,657.54 |
| Second P&I | — | — |
| Mortgage insurance | $355.53 | $107.98 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $5,933.31 | $4,172.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,067
Usable credit−$0
Total buyer cash needed$14,067
Earnest money paid−$0
Remaining funds due$14,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Prepaid interest, first (6 days)$872.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 7.02%
Interest already paid$125,584Through Dec 2026
Assumption only · ends Aug 2054$1,039,369
New conventional · ends Jan 2057$789,438