Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,134/mo
+$226/mo- Down payment
- $37,897
- Funds due
- $51,420
- Interest + MI left
- $649,626
- First ends
- Jun 2054
New loan
New conventional
$3,908/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,703
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,103 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,291.70 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | $229.54 | $94.50 |
| Taxes, insurance & HOA | $612.92 | $612.92 |
| Total housing payment | $4,134.16 | $3,908.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,897
Closing costs & prepaids$13,523
Usable credit−$0
Total buyer cash needed$51,420
Earnest money paid−$0
Remaining funds due$51,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,338.75
Prepaid interest, first (5 days)$459.08
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 6.88%
Interest already paid$85,034Through Dec 2026
Assumption only · ends Jun 2054$649,626
New conventional · ends Jan 2057$690,873