Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,221/mo
+$367/mo- Down payment
- $3,930
- Funds due
- $15,148
- Interest + MI left
- $543,983
- First ends
- Aug 2054
New loan
New conventional
$2,854/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,486
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,070 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,720.56 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | $188.56 | $72.90 |
| Taxes, insurance & HOA | $312.00 | $312.00 |
| Total housing payment | $3,221.13 | $2,854.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,930
Closing costs & prepaids$11,219
Usable credit−$0
Total buyer cash needed$15,148
Earnest money paid−$0
Remaining funds due$15,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Prepaid interest, first (6 days)$457.55
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 6.94%
Interest already paid$65,836Through Dec 2026
Assumption only · ends Aug 2054$543,983
New conventional · ends Jan 2057$532,959