Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,287/mo
+$3,807/mo- Down payment
- $0
- Funds due
- $10,463
- Interest + MI left
- $1,089,176
- First ends
- Jan 2056
New loan
New conventional
$2,481/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,160
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $930,961 | $297,000 |
| Second mortgage | — | — |
| First P&I | $5,491.42 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $431.29 | $59.40 |
| Taxes, insurance & HOA | $364.75 | $364.75 |
| Total housing payment | $6,287.46 | $2,480.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,463
Usable credit−$0
Total buyer cash needed$10,463
Earnest money paid−$0
Remaining funds due$10,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$368.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$293.32
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 closing29 yr 2 moOf the original 30-year loan at 5.750%
Interest already paid$44,875Through Nov 2026
Assumption only · ends Jan 2056$1,089,176
New conventional · ends Dec 2056$450,420