Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,951/mo
+$329/mo- Down payment
- $33,724
- Funds due
- $46,729
- Interest + MI left
- $622,049
- First ends
- Jan 2054
New loan
New conventional
$3,623/mo
Lowest payment- Down payment
- $48,490
- Funds due
- $59,195
- Interest + MI left
- $638,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,176 | $436,410 |
| Second mortgage | — | — |
| First P&I | $3,159.15 | $2,956.39 |
| Second P&I | — | — |
| Mortgage insurance | $213.31 | $87.28 |
| Taxes, insurance & HOA | $578.83 | $578.83 |
| Total housing payment | $3,951.29 | $3,622.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,724
Closing costs & prepaids$13,005
Usable credit−$0
Total buyer cash needed$46,729
Earnest money paid−$0
Remaining funds due$46,729
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,849.00
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)$1,236.50
Prepaid interest, first (5 days)$445.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing27 yr 1 moOf the original 30-year loan at 7.2%
Interest already paid$96,336Through Dec 2026
Assumption only · ends Jan 2054$622,049
New conventional · ends Jan 2057$638,104