Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,372/mo
+$205/mo- Down payment
- $37,604
- Funds due
- $51,397
- Interest + MI left
- $709,645
- First ends
- Apr 2054
New loan
New conventional
$4,166/mo
Lowest payment- Down payment
- $59,900
- Funds due
- $71,321
- Interest + MI left
- $788,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $561,396 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,699.83 | $3,652.05 |
| Second P&I | — | — |
| Mortgage insurance | $265.52 | $107.82 |
| Taxes, insurance & HOA | $406.25 | $406.25 |
| Total housing payment | $4,371.60 | $4,166.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,604
Closing costs & prepaids$13,793
Usable credit−$0
Total buyer cash needed$51,397
Earnest money paid−$0
Remaining funds due$51,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Prepaid interest, first (6 days)$609.08
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 4 moOf the original 30-year loan at 6.6%
Interest already paid$100,478Through Dec 2026
Assumption only · ends Apr 2054$709,645
New conventional · ends Jan 2057$788,253