Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,017/mo
+$4/mo- Down payment
- $45,849
- Funds due
- $60,798
- Interest + MI left
- $815,909
- First ends
- Jun 2055
New loan
New conventional
$5,013/mo
Lowest payment- Down payment
- $66,900
- Funds due
- $79,391
- Interest + MI left
- $913,125
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $623,151 | $602,100 |
| Second mortgage | — | — |
| First P&I | $4,002.99 | $4,168.82 |
| Second P&I | — | — |
| Mortgage insurance | $290.27 | $120.42 |
| Taxes, insurance & HOA | $724.17 | $724.17 |
| Total housing payment | $5,017.43 | $5,013.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,849
Closing costs & prepaids$14,948
Usable credit−$0
Total buyer cash needed$60,798
Earnest money paid−$0
Remaining funds due$60,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,690.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,672.50
Prepaid interest, first (1 days)$110.97
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$57,885Through Nov 2026
Assumption only · ends Jun 2055$815,909
New conventional · ends Dec 2056$913,125