Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
+$68/mo- Down payment
- $43,500
- Funds due
- $54,909
- Interest + MI left
- $498,597
- First ends
- May 2054
New loan
New conventional
$2,987/mo
Lowest payment- Down payment
- $42,490
- Funds due
- $51,700
- Interest + MI left
- $559,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,400 | $382,410 |
| Second mortgage | — | — |
| First P&I | $2,555.24 | $2,590.58 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $3,055.25 | $2,987.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,500
Closing costs & prepaids$11,409
Usable credit−$0
Total buyer cash needed$54,909
Earnest money paid−$0
Remaining funds due$54,909
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$510.00
Prepaid interest, first (6 days)$425.08
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 5 moOf the original 30-year loan at 6.78%
Interest already paid$67,858Through Dec 2026
Assumption only · ends May 2054$498,597
New conventional · ends Jan 2057$559,147