Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,521/mo
+$1,934/mo- Down payment
- $0
- Funds due
- $16,742
- Interest + MI left
- $1,184,478
- First ends
- Jul 2054
New loan
New conventional
$5,587/mo
Lowest payment- Down payment
- $68,490
- Funds due
- $82,665
- Interest + MI left
- $934,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $870,474 | $616,410 |
| Second mortgage | — | — |
| First P&I | $5,916.05 | $4,267.90 |
| Second P&I | — | — |
| Mortgage insurance | $409.21 | $123.28 |
| Taxes, insurance & HOA | $1,195.42 | $1,195.42 |
| Total housing payment | $7,520.68 | $5,586.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,742
Usable credit−$0
Total buyer cash needed$16,742
Earnest money paid−$0
Remaining funds due$16,742
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,849.00
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)$1,712.25
Initial HOA (3 months)$1,374.00
Prepaid interest, first (2 days)$331.97
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 8 moOf the original 30-year loan at 6.960%
Interest already paid$143,294Through Nov 2026
Assumption only · ends Jul 2054$1,184,478
New conventional · ends Dec 2056$934,827