Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,773/mo
+$401/mo- Down payment
- $7,252
- Funds due
- $21,463
- Interest + MI left
- $833,506
- First ends
- Jun 2055
New loan
New conventional
$4,372/mo
Lowest payment- Down payment
- $62,990
- Funds due
- $74,759
- Interest + MI left
- $828,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $622,648 | $566,910 |
| Second mortgage | — | — |
| First P&I | $4,064.53 | $3,840.45 |
| Second P&I | — | — |
| Mortgage insurance | $290.19 | $113.38 |
| Taxes, insurance & HOA | $418.67 | $418.67 |
| Total housing payment | $4,773.39 | $4,372.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,252
Closing costs & prepaids$14,211
Usable credit−$0
Total buyer cash needed$21,463
Earnest money paid−$0
Remaining funds due$21,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,299.00
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)$756.00
Prepaid interest, first (6 days)$680.65
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$62,670Through Dec 2026
Assumption only · ends Jun 2055$833,506
New conventional · ends Jan 2057$828,916