Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,006/mo
+$275/mo- Down payment
- $19,435
- Funds due
- $32,176
- Interest + MI left
- $656,130
- First ends
- Sep 2054
New loan
New conventional
$3,731/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,342
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $479,565 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,249.72 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | $225.01 | $89.82 |
| Taxes, insurance & HOA | $531.25 | $531.25 |
| Total housing payment | $4,005.98 | $3,730.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,435
Closing costs & prepaids$12,741
Usable credit−$0
Total buyer cash needed$32,176
Earnest money paid−$0
Remaining funds due$32,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,093.75
Prepaid interest, first (2 days)$182.63
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$73,125Through Nov 2026
Assumption only · ends Sep 2054$656,130
New conventional · ends Dec 2056$681,090