Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,393/mo
+$373/mo- Down payment
- $38,424
- Funds due
- $49,964
- Interest + MI left
- $587,599
- First ends
- Jan 2054
New loan
New conventional
$3,020/mo
Lowest payment- Down payment
- $42,990
- Funds due
- $52,257
- Interest + MI left
- $565,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,476 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,886.86 | $2,621.06 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $77.38 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $3,393.38 | $3,020.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,424
Closing costs & prepaids$11,539
Usable credit−$0
Total buyer cash needed$49,964
Earnest money paid−$0
Remaining funds due$49,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Prepaid interest, first (6 days)$499.37
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 1 moOf the original 30-year loan at 7.76%
Interest already paid$89,943Through Dec 2026
Assumption only · ends Jan 2054$587,599
New conventional · ends Jan 2057$565,726