Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,260/mo
+$87/mo- Down payment
- $27,063
- Funds due
- $40,850
- Interest + MI left
- $736,675
- First ends
- Dec 2055
New loan
New conventional
$4,172/mo
Lowest payment- Down payment
- $59,990
- Funds due
- $71,421
- Interest + MI left
- $789,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $572,837 | $539,910 |
| Second mortgage | — | — |
| First P&I | $3,587.35 | $3,657.54 |
| Second P&I | — | — |
| Mortgage insurance | $265.63 | $107.98 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $4,259.65 | $4,172.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,063
Closing costs & prepaids$13,787
Usable credit−$0
Total buyer cash needed$40,850
Earnest money paid−$0
Remaining funds due$40,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Prepaid interest, first (6 days)$593.24
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$36,321Through Dec 2026
Assumption only · ends Dec 2055$736,675
New conventional · ends Jan 2057$789,438