Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,086/mo
+$513/mo- Down payment
- $17,999
- Funds due
- $32,598
- Interest + MI left
- $875,135
- First ends
- Sep 2054
New loan
New conventional
$4,573/mo
Lowest payment- Down payment
- $65,990
- Funds due
- $78,097
- Interest + MI left
- $868,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $641,901 | $593,910 |
| Second mortgage | — | — |
| First P&I | $4,354.06 | $4,023.35 |
| Second P&I | — | — |
| Mortgage insurance | $301.48 | $118.78 |
| Taxes, insurance & HOA | $430.67 | $430.67 |
| Total housing payment | $5,086.20 | $4,572.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,999
Closing costs & prepaids$14,599
Usable credit−$0
Total buyer cash needed$32,598
Earnest money paid−$0
Remaining funds due$32,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,599.00
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)$792.00
Prepaid interest, first (6 days)$733.35
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$101,696Through Dec 2026
Assumption only · ends Sep 2054$875,135
New conventional · ends Jan 2057$868,395