Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,838/mo
+$232/mo- Down payment
- $29,047
- Funds due
- $45,744
- Interest + MI left
- $947,119
- First ends
- Apr 2055
New loan
New conventional
$5,606/mo
Lowest payment- Down payment
- $73,900
- Funds due
- $88,063
- Interest + MI left
- $1,008,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $709,953 | $665,100 |
| Second mortgage | — | — |
| First P&I | $4,639.02 | $4,605.02 |
| Second P&I | — | — |
| Mortgage insurance | $331.20 | $133.02 |
| Taxes, insurance & HOA | $867.50 | $867.50 |
| Total housing payment | $5,837.72 | $5,605.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,047
Closing costs & prepaids$16,697
Usable credit−$0
Total buyer cash needed$45,744
Earnest money paid−$0
Remaining funds due$45,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,390.00
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)$1,847.50
Initial HOA (3 months)$105.00
Prepaid interest, first (1 days)$129.35
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$75,466Through Nov 2026
Assumption only · ends Apr 2055$947,119
New conventional · ends Dec 2056$1,008,669