Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,549/mo
Lowest payment- Down payment
- $46,114
- Funds due
- $58,548
- Interest + MI left
- $536,965
- First ends
- Apr 2054
New loan
New conventional
$3,572/mo
+$23/mo- Down payment
- $46,940
- Funds due
- $57,113
- Interest + MI left
- $640,689
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,286 | $422,460 |
| Second mortgage | — | — |
| First P&I | $2,786.61 | $2,925.03 |
| Second P&I | — | — |
| Mortgage insurance | $199.98 | $84.49 |
| Taxes, insurance & HOA | $562.75 | $562.75 |
| Total housing payment | $3,549.34 | $3,572.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,114
Closing costs & prepaids$12,434
Usable credit−$0
Total buyer cash needed$58,548
Earnest money paid−$0
Remaining funds due$58,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,694.00
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)$1,188.25
Prepaid interest, first (1 days)$76.54
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 5 moOf the original 30-year loan at 6.600%
Interest already paid$73,349Through Nov 2026
Assumption only · ends Apr 2054$536,965
New conventional · ends Dec 2056$640,689