Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,826/mo
+$125/mo- Down payment
- $20,494
- Funds due
- $39,963
- Interest + MI left
- $479,698
- First ends
- Dec 2047
New loan
New conventional
$6,700/mo
Lowest payment- Down payment
- $79,900
- Funds due
- $96,890
- Interest + MI left
- $1,090,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $778,506 | $719,100 |
| Second mortgage | — | — |
| First P&I | $4,572.14 | $4,978.90 |
| Second P&I | — | — |
| Mortgage insurance | $675.91 | $143.82 |
| Taxes, insurance & HOA | $1,577.50 | $1,577.50 |
| Total housing payment | $6,825.54 | $6,700.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,494
Closing costs & prepaids$19,469
Usable credit−$0
Total buyer cash needed$39,963
Earnest money paid−$0
Remaining funds due$39,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,990.00
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)$1,997.50
Initial HOA (3 months)$2,085.00
Prepaid interest, first (2 days)$171.91
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 closing21 yr 1 moOf the original 30-year loan at 4.030%
Interest already paid$313,500Through Nov 2026
Assumption only · ends Dec 2047$479,698
New conventional · ends Dec 2056$1,090,564