Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,622/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,155
- Interest + MI left
- $2,170,292
- First ends
- May 2104
New loan
New conventional
$3,839/mo
+$217/mo- Down payment
- $55,000
- Funds due
- $65,869
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $715,549 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,725.15 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | $510.00 | $99.00 |
| Taxes, insurance & HOA | $386.67 | $386.67 |
| Total housing payment | $3,621.82 | $3,838.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,155
Usable credit−$0
Total buyer cash needed$13,155
Earnest money paid−$0
Remaining funds due$13,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$519.90
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 closing77 yr 5 moOf the original 82-year loan at 4.42%
Interest already paid$145,433Through Dec 2026
Assumption only · ends May 2104$2,170,292
New conventional · ends Jan 2057$723,772