Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,653/mo
+$148/mo- Down payment
- $43,126
- Funds due
- $55,716
- Interest + MI left
- $613,814
- First ends
- Sep 2054
New loan
New conventional
$3,505/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,306
- Interest + MI left
- $657,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,874 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,072.10 | $3,048.46 |
| Second P&I | — | — |
| Mortgage insurance | $214.67 | $90.00 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $3,653.43 | $3,505.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,126
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$55,716
Earnest money paid−$0
Remaining funds due$55,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$515.20
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 6.86%
Interest already paid$71,460Through Dec 2026
Assumption only · ends Sep 2054$613,814
New conventional · ends Jan 2057$657,974