Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,271/mo
+$86/mo- Down payment
- $39,213
- Funds due
- $54,700
- Interest + MI left
- $817,783
- First ends
- Nov 2054
New loan
New conventional
$5,185/mo
Lowest payment- Down payment
- $67,900
- Funds due
- $80,928
- Interest + MI left
- $926,774
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $639,787 | $611,100 |
| Second mortgage | — | — |
| First P&I | $4,139.53 | $4,231.13 |
| Second P&I | — | — |
| Mortgage insurance | $300.17 | $122.22 |
| Taxes, insurance & HOA | $831.50 | $831.50 |
| Total housing payment | $5,271.20 | $5,184.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,213
Closing costs & prepaids$15,487
Usable credit−$0
Total buyer cash needed$54,700
Earnest money paid−$0
Remaining funds due$54,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,790.00
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)$1,697.50
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$227.87
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$84,218Through Nov 2026
Assumption only · ends Nov 2054$817,783
New conventional · ends Dec 2056$926,774