Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,676/mo
+$504/mo- Down payment
- $1,015
- Funds due
- $14,876
- Interest + MI left
- $795,699
- First ends
- Oct 2054
New loan
New conventional
$4,173/mo
Lowest payment- Down payment
- $60,000
- Funds due
- $71,432
- Interest + MI left
- $789,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $598,985 | $540,000 |
| Second mortgage | — | — |
| First P&I | $3,988.47 | $3,658.15 |
| Second P&I | — | — |
| Mortgage insurance | $281.27 | $108.00 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $4,676.41 | $4,172.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,015
Closing costs & prepaids$13,862
Usable credit−$0
Total buyer cash needed$14,876
Earnest money paid−$0
Remaining funds due$14,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Prepaid interest, first (6 days)$666.60
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 10 moOf the original 30-year loan at 6.77%
Interest already paid$89,006Through Dec 2026
Assumption only · ends Oct 2054$795,699
New conventional · ends Jan 2057$789,569