Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,023/mo
+$209/mo- Down payment
- $27,175
- Funds due
- $38,293
- Interest + MI left
- $496,212
- First ends
- Mar 2054
New loan
New conventional
$2,814/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $48,819
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,825 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,537.43 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | $175.69 | $71.82 |
| Taxes, insurance & HOA | $309.58 | $309.58 |
| Total housing payment | $3,022.71 | $2,814.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,175
Closing costs & prepaids$11,119
Usable credit−$0
Total buyer cash needed$38,293
Earnest money paid−$0
Remaining funds due$38,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$424.80
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 3 moOf the original 30-year loan at 6.95%
Interest already paid$72,233Through Dec 2026
Assumption only · ends Mar 2054$496,212
New conventional · ends Jan 2057$525,064