Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,009/mo
+$360/mo- Down payment
- $30,813
- Funds due
- $47,682
- Interest + MI left
- $969,498
- First ends
- Sep 2054
New loan
New conventional
$5,649/mo
Lowest payment- Down payment
- $74,989
- Funds due
- $89,311
- Interest + MI left
- $1,023,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $719,075 | $674,899 |
| Second mortgage | — | — |
| First P&I | $4,830.34 | $4,672.86 |
| Second P&I | — | — |
| Mortgage insurance | $337.52 | $134.98 |
| Taxes, insurance & HOA | $841.58 | $841.58 |
| Total housing payment | $6,009.45 | $5,649.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,813
Closing costs & prepaids$16,869
Usable credit−$0
Total buyer cash needed$47,682
Earnest money paid−$0
Remaining funds due$47,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,498.88
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)$1,874.75
Prepaid interest, first (2 days)$270.29
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 closing27 yr 10 moOf the original 30-year loan at 6.860%
Interest already paid$108,248Through Nov 2026
Assumption only · ends Sep 2054$969,498
New conventional · ends Dec 2056$1,023,530