Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,143/mo
Lowest payment- Down payment
- $34,734
- Funds due
- $49,372
- Interest + MI left
- $487,718
- First ends
- Apr 2054
New loan
New conventional
$4,687/mo
+$543/mo- Down payment
- $59,990
- Funds due
- $72,304
- Interest + MI left
- $818,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $565,166 | $539,910 |
| Second mortgage | — | — |
| First P&I | $3,032.43 | $3,738.23 |
| Second P&I | — | — |
| Mortgage insurance | $270.49 | $107.98 |
| Taxes, insurance & HOA | $840.42 | $840.42 |
| Total housing payment | $4,143.33 | $4,686.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,734
Closing costs & prepaids$14,638
Usable credit−$0
Total buyer cash needed$49,372
Earnest money paid−$0
Remaining funds due$49,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$2,021.25
Prepaid interest, first (2 days)$143.07
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 5 moOf the original 30-year loan at 4.620%
Interest already paid$69,021Through Nov 2026
Assumption only · ends Apr 2054$487,718
New conventional · ends Dec 2056$818,810