Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,462/mo
+$213/mo- Down payment
- $13,779
- Funds due
- $25,361
- Interest + MI left
- $562,323
- First ends
- Oct 2054
New loan
New conventional
$3,248/mo
Lowest payment- Down payment
- $43,490
- Funds due
- $52,838
- Interest + MI left
- $593,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,121 | $391,410 |
| Second mortgage | — | — |
| First P&I | $2,804.04 | $2,710.04 |
| Second P&I | — | — |
| Mortgage insurance | $197.54 | $78.28 |
| Taxes, insurance & HOA | $460.00 | $460.00 |
| Total housing payment | $3,461.58 | $3,248.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,779
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$25,361
Earnest money paid−$0
Remaining funds due$25,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.00
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)$930.00
Prepaid interest, first (1 days)$78.22
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$60,225Through Nov 2026
Assumption only · ends Oct 2054$562,323
New conventional · ends Dec 2056$593,600