Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,281/mo
+$290/mo- Down payment
- $36,997
- Funds due
- $53,100
- Interest + MI left
- $901,230
- First ends
- Feb 2055
New loan
New conventional
$4,991/mo
Lowest payment- Down payment
- $71,500
- Funds due
- $85,104
- Interest + MI left
- $940,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $678,003 | $643,500 |
| Second mortgage | — | — |
| First P&I | $4,461.20 | $4,359.29 |
| Second P&I | — | — |
| Mortgage insurance | $317.20 | $128.70 |
| Taxes, insurance & HOA | $502.67 | $502.67 |
| Total housing payment | $5,281.07 | $4,990.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,997
Closing costs & prepaids$16,103
Usable credit−$0
Total buyer cash needed$53,100
Earnest money paid−$0
Remaining funds due$53,100
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,150.00
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)$858.00
Prepaid interest, first (7 days)$869.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 6.69%
Interest already paid$84,077Through Dec 2026
Assumption only · ends Feb 2055$901,230
New conventional · ends Jan 2057$940,903