Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,579/mo
+$1,172/mo- Down payment
- $0
- Funds due
- $14,524
- Interest + MI left
- $958,020
- First ends
- Jul 2054
New loan
New conventional
$4,406/mo
Lowest payment- Down payment
- $62,000
- Funds due
- $73,958
- Interest + MI left
- $815,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $683,262 | $558,000 |
| Second mortgage | — | — |
| First P&I | $4,742.67 | $3,780.09 |
| Second P&I | — | — |
| Mortgage insurance | $321.20 | $111.60 |
| Taxes, insurance & HOA | $514.67 | $514.67 |
| Total housing payment | $5,578.53 | $4,406.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,524
Usable credit−$0
Total buyer cash needed$14,524
Earnest money paid−$0
Remaining funds due$14,524
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$744.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$805.31
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 closing27 yr 7 moOf the original 30-year loan at 7.17%
Interest already paid$120,007Through Dec 2026
Assumption only · ends Jul 2054$958,020
New conventional · ends Jan 2057$815,888