Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,490/mo
+$495/mo- Down payment
- $18,043
- Funds due
- $35,559
- Interest + MI left
- $1,089,294
- First ends
- Apr 2055
New loan
New conventional
$5,996/mo
Lowest payment- Down payment
- $79,500
- Funds due
- $94,416
- Interest + MI left
- $1,085,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $776,957 | $715,500 |
| Second mortgage | — | — |
| First P&I | $5,229.74 | $4,953.98 |
| Second P&I | — | — |
| Mortgage insurance | $362.11 | $143.10 |
| Taxes, insurance & HOA | $898.58 | $898.58 |
| Total housing payment | $6,490.43 | $5,995.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,043
Closing costs & prepaids$17,517
Usable credit−$0
Total buyer cash needed$35,559
Earnest money paid−$0
Remaining funds due$35,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,950.00
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)$1,067.75
Initial HOA (3 months)$978.00
Prepaid interest, first (2 days)$295.88
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 yr 5 moOf the original 30-year loan at 6.950%
Interest already paid$86,269Through Nov 2026
Assumption only · ends Apr 2055$1,089,294
New conventional · ends Dec 2056$1,085,104