Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
+$49/mo- Down payment
- $37,472
- Funds due
- $49,658
- Interest + MI left
- $544,927
- First ends
- Oct 2054
New loan
New conventional
$3,298/mo
Lowest payment- Down payment
- $46,900
- Funds due
- $56,857
- Interest + MI left
- $617,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $431,528 | $422,100 |
| Second mortgage | — | — |
| First P&I | $2,789.64 | $2,859.45 |
| Second P&I | — | — |
| Mortgage insurance | $202.92 | $84.42 |
| Taxes, insurance & HOA | $354.25 | $354.25 |
| Total housing payment | $3,346.81 | $3,298.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,472
Closing costs & prepaids$12,187
Usable credit−$0
Total buyer cash needed$49,658
Earnest money paid−$0
Remaining funds due$49,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Prepaid interest, first (6 days)$458.96
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 6.47%
Interest already paid$61,327Through Dec 2026
Assumption only · ends Oct 2054$544,927
New conventional · ends Jan 2057$617,180