Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,652/mo
+$637/mo- Down payment
- $0
- Funds due
- $11,558
- Interest + MI left
- $629,383
- First ends
- Aug 2054
New loan
New conventional
$3,014/mo
Lowest payment- Down payment
- $42,900
- Funds due
- $52,156
- Interest + MI left
- $564,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $452,985 | $386,100 |
| Second mortgage | — | — |
| First P&I | $3,117.34 | $2,615.58 |
| Second P&I | — | — |
| Mortgage insurance | $212.82 | $77.22 |
| Taxes, insurance & HOA | $321.58 | $321.58 |
| Total housing payment | $3,651.75 | $3,014.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,558
Usable credit−$0
Total buyer cash needed$11,558
Earnest money paid−$0
Remaining funds due$11,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Prepaid interest, first (6 days)$527.95
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 8 moOf the original 30-year loan at 7.09%
Interest already paid$75,937Through Dec 2026
Assumption only · ends Aug 2054$629,383
New conventional · ends Jan 2057$564,542