Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,163/mo
+$265/mo- Down payment
- $27,988
- Funds due
- $41,089
- Interest + MI left
- $675,825
- First ends
- Aug 2054
New loan
New conventional
$3,898/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,285
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,012 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,338.64 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | $228.62 | $92.70 |
| Taxes, insurance & HOA | $595.83 | $595.83 |
| Total housing payment | $4,163.09 | $3,897.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,988
Closing costs & prepaids$13,101
Usable credit−$0
Total buyer cash needed$41,089
Earnest money paid−$0
Remaining funds due$41,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$1,287.50
Prepaid interest, first (2 days)$188.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.060%
Interest already paid$78,357Through Nov 2026
Assumption only · ends Aug 2054$675,825
New conventional · ends Dec 2056$702,929