Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,901/mo
+$258/mo- Down payment
- $34,427
- Funds due
- $51,275
- Interest + MI left
- $912,611
- First ends
- Apr 2054
New loan
New conventional
$5,643/mo
Lowest payment- Down payment
- $74,900
- Funds due
- $89,212
- Interest + MI left
- $1,022,318
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $714,573 | $674,100 |
| Second mortgage | — | — |
| First P&I | $4,722.65 | $4,667.33 |
| Second P&I | — | — |
| Mortgage insurance | $337.52 | $134.82 |
| Taxes, insurance & HOA | $840.83 | $840.83 |
| Total housing payment | $5,901.01 | $5,642.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,427
Closing costs & prepaids$16,847
Usable credit−$0
Total buyer cash needed$51,275
Earnest money paid−$0
Remaining funds due$51,275
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$1,872.50
Prepaid interest, first (2 days)$259.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.640%
Interest already paid$124,560Through Nov 2026
Assumption only · ends Apr 2054$912,611
New conventional · ends Dec 2056$1,022,318