Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,726/mo
+$220/mo- Down payment
- $48,227
- Funds due
- $62,658
- Interest + MI left
- $819,943
- First ends
- Feb 2055
New loan
New conventional
$4,506/mo
Lowest payment- Down payment
- $64,990
- Funds due
- $76,984
- Interest + MI left
- $855,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,673 | $584,910 |
| Second mortgage | — | — |
| First P&I | $4,017.92 | $3,962.38 |
| Second P&I | — | — |
| Mortgage insurance | $281.33 | $116.98 |
| Taxes, insurance & HOA | $426.67 | $426.67 |
| Total housing payment | $4,725.92 | $4,506.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,227
Closing costs & prepaids$14,431
Usable credit−$0
Total buyer cash needed$62,658
Earnest money paid−$0
Remaining funds due$62,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.00
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)$780.00
Prepaid interest, first (6 days)$676.51
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 closing28 yr 2 moOf the original 30-year loan at 6.84%
Interest already paid$76,261Through Dec 2026
Assumption only · ends Feb 2055$819,943
New conventional · ends Jan 2057$855,235