Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,555/mo
+$198/mo- Down payment
- $45,584
- Funds due
- $57,855
- Interest + MI left
- $557,580
- First ends
- Jan 2054
New loan
New conventional
$3,357/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $55,021
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,416 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,831.73 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | $191.21 | $81.00 |
| Taxes, insurance & HOA | $532.50 | $532.50 |
| Total housing payment | $3,555.44 | $3,357.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,584
Closing costs & prepaids$12,271
Usable credit−$0
Total buyer cash needed$57,855
Earnest money paid−$0
Remaining funds due$57,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (5 days)$398.88
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$86,352Through Dec 2026
Assumption only · ends Jan 2054$557,580
New conventional · ends Jan 2057$592,177