Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,355/mo
+$124/mo- Down payment
- $37,414
- Funds due
- $49,499
- Interest + MI left
- $560,040
- First ends
- Oct 2054
New loan
New conventional
$3,231/mo
Lowest payment- Down payment
- $45,900
- Funds due
- $55,744
- Interest + MI left
- $604,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,586 | $413,100 |
| Second mortgage | — | — |
| First P&I | $2,807.22 | $2,798.48 |
| Second P&I | — | — |
| Mortgage insurance | $197.97 | $82.62 |
| Taxes, insurance & HOA | $350.25 | $350.25 |
| Total housing payment | $3,355.44 | $3,231.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,414
Closing costs & prepaids$12,085
Usable credit−$0
Total buyer cash needed$49,499
Earnest money paid−$0
Remaining funds due$49,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Prepaid interest, first (6 days)$469.17
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 10 moOf the original 30-year loan at 6.77%
Interest already paid$62,646Through Dec 2026
Assumption only · ends Oct 2054$560,040
New conventional · ends Jan 2057$604,021