Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,800/mo
+$1,408/mo- Down payment
- $0
- Funds due
- $16,702
- Interest + MI left
- $891,828
- First ends
- Jul 2052
New loan
New conventional
$5,391/mo
Lowest payment- Down payment
- $77,500
- Funds due
- $91,653
- Interest + MI left
- $1,019,860
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $950,513 | $697,500 |
| Second mortgage | — | — |
| First P&I | $5,548.95 | $4,725.11 |
| Second P&I | — | — |
| Mortgage insurance | $723.92 | $139.50 |
| Taxes, insurance & HOA | $526.67 | $526.67 |
| Total housing payment | $6,799.53 | $5,391.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,702
Usable credit−$0
Total buyer cash needed$16,702
Earnest money paid−$0
Remaining funds due$16,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$930.00
Prepaid interest, first (6 days)$796.87
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 closing25 yr 7 moOf the original 30-year loan at 5.1%
Interest already paid$222,607Through Dec 2026
Assumption only · ends Jul 2052$891,828
New conventional · ends Jan 2057$1,019,860