Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,260/mo
+$536/mo- Down payment
- $10,764
- Funds due
- $25,341
- Interest + MI left
- $835,061
- First ends
- Dec 2053
New loan
New conventional
$4,724/mo
Lowest payment- Down payment
- $62,900
- Funds due
- $75,038
- Interest + MI left
- $858,529
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $618,236 | $566,100 |
| Second mortgage | — | — |
| First P&I | $4,276.18 | $3,919.56 |
| Second P&I | — | — |
| Mortgage insurance | $292.52 | $113.22 |
| Taxes, insurance & HOA | $690.83 | $690.83 |
| Total housing payment | $5,259.53 | $4,723.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,764
Closing costs & prepaids$14,577
Usable credit−$0
Total buyer cash needed$25,341
Earnest money paid−$0
Remaining funds due$25,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,290.00
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)$1,572.50
Prepaid interest, first (2 days)$239.50
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 1 moOf the original 30-year loan at 7.070%
Interest already paid$129,676Through Nov 2026
Assumption only · ends Dec 2053$835,061
New conventional · ends Dec 2056$858,529