Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,725/mo
+$220/mo- Down payment
- $17,329
- Funds due
- $30,009
- Interest + MI left
- $623,347
- First ends
- Jan 2055
New loan
New conventional
$3,505/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,395
- Interest + MI left
- $657,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,671 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,132.17 | $3,048.46 |
| Second P&I | — | — |
| Mortgage insurance | $226.18 | $90.00 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $3,725.01 | $3,505.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,329
Closing costs & prepaids$12,680
Usable credit−$0
Total buyer cash needed$30,009
Earnest money paid−$0
Remaining funds due$30,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (7 days)$605.39
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 closing28 yr 1 moOf the original 30-year loan at 6.54%
Interest already paid$61,224Through Dec 2026
Assumption only · ends Jan 2055$623,347
New conventional · ends Jan 2057$657,974