Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,746/mo
+$153/mo- Down payment
- $29,678
- Funds due
- $43,750
- Interest + MI left
- $803,256
- First ends
- Mar 2055
New loan
New conventional
$4,592/mo
Lowest payment- Down payment
- $63,900
- Funds due
- $75,546
- Interest + MI left
- $872,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $609,322 | $575,100 |
| Second mortgage | — | — |
| First P&I | $3,965.61 | $3,981.88 |
| Second P&I | — | — |
| Mortgage insurance | $284.59 | $115.02 |
| Taxes, insurance & HOA | $495.58 | $495.58 |
| Total housing payment | $4,745.78 | $4,592.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,678
Closing costs & prepaids$14,072
Usable credit−$0
Total buyer cash needed$43,750
Earnest money paid−$0
Remaining funds due$43,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$986.75
Prepaid interest, first (2 days)$220.36
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 4 moOf the original 30-year loan at 6.600%
Interest already paid$67,707Through Nov 2026
Assumption only · ends Mar 2055$803,256
New conventional · ends Dec 2056$872,178