Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,518/mo
+$212/mo- Down payment
- $51,808
- Funds due
- $65,975
- Interest + MI left
- $756,534
- First ends
- Jun 2054
New loan
New conventional
$4,306/mo
Lowest payment- Down payment
- $62,000
- Funds due
- $73,767
- Interest + MI left
- $815,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $568,192 | $558,000 |
| Second mortgage | — | — |
| First P&I | $3,835.98 | $3,780.09 |
| Second P&I | — | — |
| Mortgage insurance | $267.77 | $111.60 |
| Taxes, insurance & HOA | $414.67 | $414.67 |
| Total housing payment | $4,518.41 | $4,306.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,808
Closing costs & prepaids$14,168
Usable credit−$0
Total buyer cash needed$65,975
Earnest money paid−$0
Remaining funds due$65,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$744.00
Prepaid interest, first (7 days)$748.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 6.87%
Interest already paid$99,049Through Dec 2026
Assumption only · ends Jun 2054$756,534
New conventional · ends Jan 2057$815,888