Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,335/mo
+$598/mo- Down payment
- $0
- Funds due
- $15,056
- Interest + MI left
- $785,217
- First ends
- Nov 2053
New loan
New conventional
$4,737/mo
Lowest payment- Down payment
- $57,990
- Funds due
- $70,652
- Interest + MI left
- $791,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $583,436 | $521,910 |
| Second mortgage | — | — |
| First P&I | $4,039.62 | $3,613.60 |
| Second P&I | — | — |
| Mortgage insurance | $276.34 | $104.38 |
| Taxes, insurance & HOA | $1,018.67 | $1,018.67 |
| Total housing payment | $5,334.62 | $4,736.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,056
Usable credit−$0
Total buyer cash needed$15,056
Earnest money paid−$0
Remaining funds due$15,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$2,031.00
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$226.02
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 yrOf the original 30-year loan at 7.070%
Interest already paid$125,943Through Nov 2026
Assumption only · ends Nov 2053$785,217
New conventional · ends Dec 2056$791,512