Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,005/mo
+$123/mo- Down payment
- $0
- Funds due
- $12,642
- Interest + MI left
- $659,969
- First ends
- May 2055
New loan
New conventional
$3,882/mo
Lowest payment- Down payment
- $54,900
- Funds due
- $65,202
- Interest + MI left
- $749,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $555,467 | $494,100 |
| Second mortgage | — | — |
| First P&I | $3,386.74 | $3,421.05 |
| Second P&I | — | — |
| Mortgage insurance | $256.26 | $98.82 |
| Taxes, insurance & HOA | $362.08 | $362.08 |
| Total housing payment | $4,005.08 | $3,881.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$12,642
Earnest money paid−$0
Remaining funds due$12,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$586.25
Prepaid interest, first (1 days)$91.01
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 6 moOf the original 29-year loan at 5.980%
Interest already paid$16,672Through Nov 2026
Assumption only · ends May 2055$659,969
New conventional · ends Dec 2056$749,336