Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,397/mo
+$4/mo- Down payment
- $60,216
- Funds due
- $78,706
- Interest + MI left
- $1,156,249
- First ends
- Aug 2056
New loan
New conventional
$6,393/mo
Lowest payment- Down payment
- $92,500
- Funds due
- $108,343
- Interest + MI left
- $1,217,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $864,784 | $832,500 |
| Second mortgage | — | — |
| First P&I | $5,412.53 | $5,639.64 |
| Second P&I | — | — |
| Mortgage insurance | $397.85 | $166.50 |
| Taxes, insurance & HOA | $586.67 | $586.67 |
| Total housing payment | $6,397.05 | $6,392.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,216
Closing costs & prepaids$18,491
Usable credit−$0
Total buyer cash needed$78,706
Earnest money paid−$0
Remaining funds due$78,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,250.00
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)$1,110.00
Prepaid interest, first (6 days)$905.54
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 closing29 yr 8 moOf the original 30-year loan at 6.37%
Interest already paid$18,405Through Dec 2026
Assumption only · ends Aug 2056$1,156,249
New conventional · ends Jan 2057$1,217,253