Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,072/mo
+$567/mo- Down payment
- $17,074
- Funds due
- $29,744
- Interest + MI left
- $693,718
- First ends
- Dec 2053
New loan
New conventional
$3,505/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,306
- Interest + MI left
- $657,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,925 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,477.39 | $3,048.45 |
| Second P&I | — | — |
| Mortgage insurance | $228.17 | $90.00 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $4,072.23 | $3,505.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,074
Closing costs & prepaids$12,670
Usable credit−$0
Total buyer cash needed$29,744
Earnest money paid−$0
Remaining funds due$29,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Prepaid interest, first (6 days)$594.59
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 yrOf the original 30-year loan at 7.49%
Interest already paid$110,295Through Dec 2026
Assumption only · ends Dec 2053$693,718
New conventional · ends Jan 2057$657,973