Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,501/mo
+$1,615/mo- Down payment
- $0
- Funds due
- $13,274
- Interest + MI left
- $901,799
- First ends
- Jan 2055
New loan
New conventional
$3,886/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,808
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $688,805 | $449,100 |
| Second mortgage | — | — |
| First P&I | $4,491.98 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | $322.37 | $89.82 |
| Taxes, insurance & HOA | $686.50 | $686.50 |
| Total housing payment | $5,500.85 | $3,885.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,274
Usable credit−$0
Total buyer cash needed$13,274
Earnest money paid−$0
Remaining funds due$13,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,559.50
Prepaid interest, first (2 days)$249.10
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 2 moOf the original 30-year loan at 6.600%
Interest already paid$84,283Through Nov 2026
Assumption only · ends Jan 2055$901,799
New conventional · ends Dec 2056$681,090