Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$7,258/mo
+$340/mo- Down payment
- $51,325
- Funds due
- $70,444
- Interest + MI left
- $1,225,135
- First ends
- May 2055
New loan
New conventional
$6,918/mo
Lowest payment- Down payment
- $92,500
- Funds due
- $108,900
- Interest + MI left
- $1,262,542
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $873,675 | $832,500 |
| Second mortgage | — | — |
| First P&I | $5,863.73 | $5,764.06 |
| Second P&I | — | — |
| Mortgage insurance | $406.83 | $166.50 |
| Taxes, insurance & HOA | $987.50 | $987.50 |
| Total housing payment | $7,258.06 | $6,918.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,325
Closing costs & prepaids$19,119
Usable credit−$0
Total buyer cash needed$70,444
Earnest money paid−$0
Remaining funds due$70,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,250.00
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)$2,312.50
Prepaid interest, first (2 days)$331.76
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 6 moOf the original 30-year loan at 6.930%
Interest already paid$91,596Through Nov 2026
Assumption only · ends May 2055$1,225,135
New conventional · ends Dec 2056$1,262,542