Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,617/mo
+$101/mo- Down payment
- $5,597
- Funds due
- $18,358
- Interest + MI left
- $583,726
- First ends
- Apr 2056
New loan
New conventional
$3,516/mo
Lowest payment- Down payment
- $46,990
- Funds due
- $57,508
- Interest + MI left
- $618,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,303 | $422,910 |
| Second mortgage | — | — |
| First P&I | $2,836.21 | $2,864.94 |
| Second P&I | — | — |
| Mortgage insurance | $214.51 | $84.58 |
| Taxes, insurance & HOA | $566.08 | $566.08 |
| Total housing payment | $3,616.80 | $3,515.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,597
Closing costs & prepaids$12,760
Usable credit−$0
Total buyer cash needed$18,358
Earnest money paid−$0
Remaining funds due$18,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$1,198.25
Prepaid interest, first (5 days)$387.98
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 4 moOf the original 30-year loan at 6.1%
Interest already paid$18,967Through Dec 2026
Assumption only · ends Apr 2056$583,726
New conventional · ends Jan 2057$618,364