Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,794/mo
+$407/mo- Down payment
- $48,969
- Funds due
- $65,893
- Interest + MI left
- $934,213
- First ends
- Mar 2054
New loan
New conventional
$5,388/mo
Lowest payment- Down payment
- $74,900
- Funds due
- $89,270
- Interest + MI left
- $985,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $700,031 | $674,100 |
| Second mortgage | — | — |
| First P&I | $4,777.19 | $4,566.59 |
| Second P&I | — | — |
| Mortgage insurance | $330.77 | $134.82 |
| Taxes, insurance & HOA | $686.25 | $686.25 |
| Total housing payment | $5,794.22 | $5,387.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,969
Closing costs & prepaids$16,924
Usable credit−$0
Total buyer cash needed$65,893
Earnest money paid−$0
Remaining funds due$65,893
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$898.75
Initial HOA (3 months)$510.00
Prepaid interest, first (6 days)$799.76
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 3 moOf the original 30-year loan at 6.95%
Interest already paid$135,991Through Dec 2026
Assumption only · ends Mar 2054$934,213
New conventional · ends Jan 2057$985,646