Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,834/mo
+$412/mo- Down payment
- $0
- Funds due
- $12,470
- Interest + MI left
- $639,600
- First ends
- Dec 2054
New loan
New conventional
$3,422/mo
Lowest payment- Down payment
- $48,750
- Funds due
- $58,915
- Interest + MI left
- $641,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,387 | $438,750 |
| Second mortgage | — | — |
| First P&I | $3,237.59 | $2,972.25 |
| Second P&I | — | — |
| Mortgage insurance | $234.77 | $87.75 |
| Taxes, insurance & HOA | $361.67 | $361.67 |
| Total housing payment | $3,834.02 | $3,421.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,470
Usable credit−$0
Total buyer cash needed$12,470
Earnest money paid−$0
Remaining funds due$12,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,875.00
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)$585.00
Prepaid interest, first (6 days)$534.66
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$65,868Through Dec 2026
Assumption only · ends Dec 2054$639,600
New conventional · ends Jan 2057$641,525