Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,833/mo
+$495/mo- Down payment
- $0
- Funds due
- $12,340
- Interest + MI left
- $649,651
- First ends
- Sep 2054
New loan
New conventional
$3,338/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,525
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,757 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,249.30 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | $226.82 | $85.50 |
| Taxes, insurance & HOA | $356.67 | $356.67 |
| Total housing payment | $3,832.78 | $3,338.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,340
Usable credit−$0
Total buyer cash needed$12,340
Earnest money paid−$0
Remaining funds due$12,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$545.18
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 9 moOf the original 30-year loan at 6.87%
Interest already paid$75,617Through Dec 2026
Assumption only · ends Sep 2054$649,651
New conventional · ends Jan 2057$625,076