Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,793/mo
+$410/mo- Down payment
- $32,006
- Funds due
- $44,526
- Interest + MI left
- $607,108
- First ends
- Dec 2053
New loan
New conventional
$3,383/mo
Lowest payment- Down payment
- $45,400
- Funds due
- $55,637
- Interest + MI left
- $590,485
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,994 | $408,600 |
| Second mortgage | — | — |
| First P&I | $3,041.45 | $2,748.68 |
| Second P&I | — | — |
| Mortgage insurance | $199.37 | $81.72 |
| Taxes, insurance & HOA | $552.58 | $552.58 |
| Total housing payment | $3,793.40 | $3,382.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,006
Closing costs & prepaids$12,520
Usable credit−$0
Total buyer cash needed$44,526
Earnest money paid−$0
Remaining funds due$44,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$1,157.75
Prepaid interest, first (4 days)$346.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 7.5%
Interest already paid$96,505Through Dec 2026
Assumption only · ends Dec 2053$607,108
New conventional · ends Jan 2057$590,485