Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,414/mo
+$672/mo- Down payment
- $0
- Funds due
- $11,113
- Interest + MI left
- $521,033
- First ends
- Oct 2054
New loan
New conventional
$2,743/mo
Lowest payment- Down payment
- $36,600
- Funds due
- $45,509
- Interest + MI left
- $476,030
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,232 | $329,400 |
| Second mortgage | — | — |
| First P&I | $2,745.46 | $2,215.89 |
| Second P&I | — | — |
| Mortgage insurance | $207.87 | $65.88 |
| Taxes, insurance & HOA | $461.08 | $461.08 |
| Total housing payment | $3,414.41 | $2,742.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,113
Usable credit−$0
Total buyer cash needed$11,113
Earnest money paid−$0
Remaining funds due$11,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,660.00
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)$933.25
Prepaid interest, first (4 days)$294.48
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 yr 10 moOf the original 30-year loan at 6.09%
Interest already paid$59,081Through Dec 2026
Assumption only · ends Oct 2054$521,033
New conventional · ends Jan 2057$476,030