Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,760/mo
+$404/mo- Down payment
- $0
- Funds due
- $12,293
- Interest + MI left
- $646,076
- First ends
- Jul 2056
New loan
New conventional
$3,356/mo
Lowest payment- Down payment
- $44,990
- Funds due
- $55,010
- Interest + MI left
- $592,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,940 | $404,910 |
| Second mortgage | — | — |
| First P&I | $3,009.38 | $2,743.00 |
| Second P&I | — | — |
| Mortgage insurance | $218.22 | $80.98 |
| Taxes, insurance & HOA | $532.42 | $532.42 |
| Total housing payment | $3,760.01 | $3,356.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,293
Usable credit−$0
Total buyer cash needed$12,293
Earnest money paid−$0
Remaining funds due$12,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$1,147.25
Prepaid interest, first (5 days)$422.00
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 closing29 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$12,871Through Dec 2026
Assumption only · ends Jul 2056$646,076
New conventional · ends Jan 2057$592,045