Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,701/mo
+$20/mo- Down payment
- $50,537
- Funds due
- $67,127
- Interest + MI left
- $922,833
- First ends
- Jan 2055
New loan
New conventional
$5,681/mo
Lowest payment- Down payment
- $77,500
- Funds due
- $91,528
- Interest + MI left
- $1,057,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $724,463 | $697,500 |
| Second mortgage | — | — |
| First P&I | $4,649.57 | $4,829.35 |
| Second P&I | — | — |
| Mortgage insurance | $339.27 | $139.50 |
| Taxes, insurance & HOA | $712.08 | $712.08 |
| Total housing payment | $5,700.92 | $5,680.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,537
Closing costs & prepaids$16,589
Usable credit−$0
Total buyer cash needed$67,127
Earnest money paid−$0
Remaining funds due$67,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$1,261.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$127.82
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 closing28 yr 2 moOf the original 30-year loan at 6.440%
Interest already paid$86,526Through Nov 2026
Assumption only · ends Jan 2055$922,833
New conventional · ends Dec 2056$1,057,806