Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,521/mo
Lowest payment- Down payment
- $56,148
- Funds due
- $72,934
- Interest + MI left
- $844,534
- First ends
- Nov 2054
New loan
New conventional
$5,535/mo
+$15/mo- Down payment
- $71,800
- Funds due
- $86,095
- Interest + MI left
- $980,006
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $661,852 | $646,200 |
| Second mortgage | — | — |
| First P&I | $4,278.02 | $4,474.16 |
| Second P&I | — | — |
| Mortgage insurance | $310.54 | $129.24 |
| Taxes, insurance & HOA | $932.00 | $932.00 |
| Total housing payment | $5,520.56 | $5,535.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,148
Closing costs & prepaids$16,786
Usable credit−$0
Total buyer cash needed$72,934
Earnest money paid−$0
Remaining funds due$72,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,180.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,795.00
Initial HOA (3 months)$351.00
Prepaid interest, first (2 days)$235.37
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 yrOf the original 30-year loan at 6.490%
Interest already paid$86,990Through Nov 2026
Assumption only · ends Nov 2054$844,534
New conventional · ends Dec 2056$980,006