Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,122/mo
+$757/mo- Down payment
- $0
- Funds due
- $12,436
- Interest + MI left
- $709,858
- First ends
- Aug 2054
New loan
New conventional
$3,365/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $57,970
- Interest + MI left
- $630,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,356 | $431,100 |
| Second mortgage | — | — |
| First P&I | $3,522.66 | $2,920.42 |
| Second P&I | — | — |
| Mortgage insurance | $241.22 | $86.22 |
| Taxes, insurance & HOA | $358.25 | $358.25 |
| Total housing payment | $4,122.13 | $3,364.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,436
Usable credit−$0
Total buyer cash needed$12,436
Earnest money paid−$0
Remaining funds due$12,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Prepaid interest, first (6 days)$595.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 7.06%
Interest already paid$85,699Through Dec 2026
Assumption only · ends Aug 2054$709,858
New conventional · ends Jan 2057$630,340