Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,201/mo
Lowest payment- Down payment
- $47,746
- Funds due
- $64,607
- Interest + MI left
- $841,022
- First ends
- Dec 2055
New loan
New conventional
$5,485/mo
+$284/mo- Down payment
- $78,900
- Funds due
- $93,351
- Interest + MI left
- $1,038,284
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $741,254 | $710,100 |
| Second mortgage | — | — |
| First P&I | $4,324.00 | $4,810.46 |
| Second P&I | — | — |
| Mortgage insurance | $344.27 | $142.02 |
| Taxes, insurance & HOA | $532.25 | $532.25 |
| Total housing payment | $5,200.53 | $5,484.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,746
Closing costs & prepaids$16,861
Usable credit−$0
Total buyer cash needed$64,607
Earnest money paid−$0
Remaining funds due$64,607
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,890.00
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)$946.75
Prepaid interest, first (7 days)$799.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 yrOf the original 30-year loan at 5.625%
Interest already paid$41,999Through Dec 2026
Assumption only · ends Dec 2055$841,022
New conventional · ends Jan 2057$1,038,284