Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,961/mo
+$1,485/mo- Down payment
- $0
- Funds due
- $10,705
- Interest + MI left
- $627,825
- First ends
- Feb 2054
New loan
New conventional
$2,476/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $36,587
- Interest + MI left
- $382,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,947 | $252,000 |
| Second mortgage | — | — |
| First P&I | $3,080.87 | $1,744.80 |
| Second P&I | — | — |
| Mortgage insurance | $199.60 | $50.40 |
| Taxes, insurance & HOA | $680.33 | $680.33 |
| Total housing payment | $3,960.81 | $2,475.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,705
Usable credit−$0
Total buyer cash needed$10,705
Earnest money paid−$0
Remaining funds due$10,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$1,591.00
Prepaid interest, first (1 days)$88.51
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 3 moOf the original 30-year loan at 7.620%
Interest already paid$90,126Through Nov 2026
Assumption only · ends Feb 2054$627,825
New conventional · ends Dec 2056$382,175