Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,995/mo
+$597/mo- Down payment
- $0
- Funds due
- $12,460
- Interest + MI left
- $690,845
- First ends
- Jul 2055
New loan
New conventional
$3,398/mo
Lowest payment- Down payment
- $48,400
- Funds due
- $58,526
- Interest + MI left
- $636,919
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $527,633 | $435,600 |
| Second mortgage | — | — |
| First P&I | $3,389.41 | $2,950.91 |
| Second P&I | — | — |
| Mortgage insurance | $245.78 | $87.12 |
| Taxes, insurance & HOA | $360.25 | $360.25 |
| Total housing payment | $3,995.44 | $3,398.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,460
Usable credit−$0
Total buyer cash needed$12,460
Earnest money paid−$0
Remaining funds due$12,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,840.00
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)$580.75
Prepaid interest, first (6 days)$563.77
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 closing28 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$49,012Through Dec 2026
Assumption only · ends Jul 2055$690,845
New conventional · ends Jan 2057$636,919