Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,430/mo
+$323/mo- Down payment
- $15,049
- Funds due
- $26,866
- Interest + MI left
- $545,478
- First ends
- Jun 2054
New loan
New conventional
$3,107/mo
Lowest payment- Down payment
- $41,490
- Funds due
- $51,074
- Interest + MI left
- $545,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,851 | $373,410 |
| Second mortgage | — | — |
| First P&I | $2,738.68 | $2,529.61 |
| Second P&I | — | — |
| Mortgage insurance | $188.29 | $74.68 |
| Taxes, insurance & HOA | $502.67 | $502.67 |
| Total housing payment | $3,429.64 | $3,106.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,049
Closing costs & prepaids$11,817
Usable credit−$0
Total buyer cash needed$26,866
Earnest money paid−$0
Remaining funds due$26,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$1,058.00
Prepaid interest, first (5 days)$384.51
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 6 moOf the original 30-year loan at 7.02%
Interest already paid$71,196Through Dec 2026
Assumption only · ends Jun 2054$545,478
New conventional · ends Jan 2057$545,987