Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,703/mo
+$457/mo- Down payment
- $0
- Funds due
- $11,555
- Interest + MI left
- $645,227
- First ends
- Aug 2054
New loan
New conventional
$3,246/mo
Lowest payment- Down payment
- $45,995
- Funds due
- $55,284
- Interest + MI left
- $627,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,963 | $413,955 |
| Second mortgage | — | — |
| First P&I | $3,187.48 | $2,866.14 |
| Second P&I | — | — |
| Mortgage insurance | $218.27 | $82.79 |
| Taxes, insurance & HOA | $296.92 | $296.92 |
| Total housing payment | $3,702.66 | $3,245.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,555
Usable credit−$0
Total buyer cash needed$11,555
Earnest money paid−$0
Remaining funds due$11,555
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.50
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)$390.75
Prepaid interest, first (1 days)$89.94
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$74,810Through Nov 2026
Assumption only · ends Aug 2054$645,227
New conventional · ends Dec 2056$627,791