Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,528/mo
+$362/mo- Down payment
- $0
- Funds due
- $11,202
- Interest + MI left
- $590,889
- First ends
- Mar 2054
New loan
New conventional
$3,166/mo
Lowest payment- Down payment
- $44,990
- Funds due
- $53,940
- Interest + MI left
- $614,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,633 | $404,910 |
| Second mortgage | — | — |
| First P&I | $3,033.94 | $2,803.52 |
| Second P&I | — | — |
| Mortgage insurance | $212.86 | $80.98 |
| Taxes, insurance & HOA | $281.17 | $281.17 |
| Total housing payment | $3,527.97 | $3,165.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,202
Usable credit−$0
Total buyer cash needed$11,202
Earnest money paid−$0
Remaining funds due$11,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$393.50
Prepaid interest, first (1 days)$84.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 6.820%
Interest already paid$83,287Through Nov 2026
Assumption only · ends Mar 2054$590,889
New conventional · ends Dec 2056$614,073