Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,071/mo
Lowest payment- Down payment
- $0
- Funds due
- $20,190
- Interest + MI left
- $2,775,273
- First ends
- Feb 2107
New loan
New conventional
$7,561/mo
+$2,490/mo- Down payment
- $109,997
- Funds due
- $127,810
- Interest + MI left
- $1,447,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $1,219,141 | $989,976 |
| Second mortgage | — | — |
| First P&I | $3,540.18 | $6,706.44 |
| Second P&I | — | — |
| Mortgage insurance | $873.77 | $198.00 |
| Taxes, insurance & HOA | $656.67 | $656.67 |
| Total housing payment | $5,070.62 | $7,561.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$20,190
Usable credit−$0
Total buyer cash needed$20,190
Earnest money paid−$0
Remaining funds due$20,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,999.73
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)$1,320.00
Prepaid interest, first (6 days)$645.31
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 closing80 yr 2 moOf the original 85-year loan at 3.22%
Interest already paid$190,910Through Dec 2026
Assumption only · ends Feb 2107$2,775,273
New conventional · ends Jan 2057$1,447,509