Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,090/mo
+$1,085/mo- Down payment
- $0
- Funds due
- $13,682
- Interest + MI left
- $927,467
- First ends
- Sep 2054
New loan
New conventional
$4,006/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,651
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $605,633 | $517,500 |
| Second mortgage | — | — |
| First P&I | $4,410.29 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | $283.52 | $103.50 |
| Taxes, insurance & HOA | $396.67 | $396.67 |
| Total housing payment | $5,090.48 | $4,005.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,682
Usable credit−$0
Total buyer cash needed$13,682
Earnest money paid−$0
Remaining funds due$13,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (6 days)$766.58
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 7.7%
Interest already paid$106,122Through Dec 2026
Assumption only · ends Sep 2054$927,467
New conventional · ends Jan 2057$756,671