Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,824/mo
+$300/mo- Down payment
- $30,764
- Funds due
- $47,211
- Interest + MI left
- $1,005,951
- First ends
- Jul 2055
New loan
New conventional
$5,524/mo
Lowest payment- Down payment
- $75,500
- Funds due
- $89,396
- Interest + MI left
- $1,030,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $724,236 | $679,500 |
| Second mortgage | — | — |
| First P&I | $4,803.96 | $4,704.72 |
| Second P&I | — | — |
| Mortgage insurance | $336.71 | $135.90 |
| Taxes, insurance & HOA | $683.42 | $683.42 |
| Total housing payment | $5,824.08 | $5,524.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,764
Closing costs & prepaids$16,446
Usable credit−$0
Total buyer cash needed$47,211
Earnest money paid−$0
Remaining funds due$47,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,550.00
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)$1,220.25
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$271.04
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 yr 8 moOf the original 30-year loan at 6.830%
Interest already paid$66,464Through Nov 2026
Assumption only · ends Jul 2055$1,005,951
New conventional · ends Dec 2056$1,030,507