Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,204/mo
+$2,923/mo- Down payment
- $0
- Funds due
- $9,913
- Interest + MI left
- $3,426,388
- First ends
- Jul 2095
New loan
New conventional
$2,281/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $38,612
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $566,716 | $278,100 |
| Second mortgage | — | — |
| First P&I | $4,502.64 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | $401.63 | $55.62 |
| Taxes, insurance & HOA | $299.91 | $299.91 |
| Total housing payment | $5,204.18 | $2,281.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,913
Usable credit−$0
Total buyer cash needed$9,913
Earnest money paid−$0
Remaining funds due$9,913
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$398.50
Initial HOA (3 months)$51.24
Prepaid interest, first (1 days)$147.81
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 closing68 yr 8 moOf the original 73-year loan at 9.520%
Interest already paid$233,853Through Nov 2026
Assumption only · ends Jul 2095$3,426,388
New conventional · ends Dec 2056$421,757