Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$48,695/mo
+$46,596/mo- Down payment
- $0
- Funds due
- $10,445
- Interest + MI left
- $5,296,809
- First ends
- Feb 2049
New loan
New conventional
$2,099/mo
Lowest payment- Down payment
- $27,490
- Funds due
- $34,998
- Interest + MI left
- $375,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $7,010,229 | $247,410 |
| Second mortgage | — | — |
| First P&I | $42,576.91 | $1,713.02 |
| Second P&I | — | — |
| Mortgage insurance | $5,781.42 | $49.48 |
| Taxes, insurance & HOA | $336.17 | $336.17 |
| Total housing payment | $48,694.50 | $2,098.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,445
Usable credit−$0
Total buyer cash needed$10,445
Earnest money paid−$0
Remaining funds due$10,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$558.50
Prepaid interest, first (1 days)$912.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 3 moOf the original 30-year loan at 4.750%
Interest already paid$2,807,871Through Nov 2026
Assumption only · ends Feb 2049$5,296,809
New conventional · ends Dec 2056$375,214