Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,108/mo
+$535/mo- Down payment
- $0
- Funds due
- $14,590
- Interest + MI left
- $868,187
- First ends
- Jan 2055
New loan
New conventional
$4,573/mo
Lowest payment- Down payment
- $66,000
- Funds due
- $78,108
- Interest + MI left
- $868,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $672,257 | $594,000 |
| Second mortgage | — | — |
| First P&I | $4,362.43 | $4,023.96 |
| Second P&I | — | — |
| Mortgage insurance | $315.02 | $118.80 |
| Taxes, insurance & HOA | $430.67 | $430.67 |
| Total housing payment | $5,108.12 | $4,573.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,590
Usable credit−$0
Total buyer cash needed$14,590
Earnest money paid−$0
Remaining funds due$14,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
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)$792.00
Prepaid interest, first (6 days)$722.72
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$85,272Through Dec 2026
Assumption only · ends Jan 2055$868,187
New conventional · ends Jan 2057$868,526