Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,094/mo
+$21/mo- Down payment
- $45,911
- Funds due
- $59,501
- Interest + MI left
- $669,055
- First ends
- Nov 2054
New loan
New conventional
$4,073/mo
Lowest payment- Down payment
- $58,500
- Funds due
- $69,763
- Interest + MI left
- $769,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $539,089 | $526,500 |
| Second mortgage | — | — |
| First P&I | $3,439.73 | $3,566.69 |
| Second P&I | — | — |
| Mortgage insurance | $253.37 | $105.30 |
| Taxes, insurance & HOA | $400.67 | $400.67 |
| Total housing payment | $4,093.77 | $4,072.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,911
Closing costs & prepaids$13,590
Usable credit−$0
Total buyer cash needed$59,501
Earnest money paid−$0
Remaining funds due$59,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (6 days)$562.72
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$72,280Through Dec 2026
Assumption only · ends Nov 2054$669,055
New conventional · ends Jan 2057$769,830