Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,508/mo
+$393/mo- Down payment
- $0
- Funds due
- $13,490
- Interest + MI left
- $780,515
- First ends
- Aug 2056
New loan
New conventional
$4,115/mo
Lowest payment- Down payment
- $54,500
- Funds due
- $65,641
- Interest + MI left
- $743,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $575,753 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,622.70 | $3,396.12 |
| Second P&I | — | — |
| Mortgage insurance | $264.62 | $98.10 |
| Taxes, insurance & HOA | $620.83 | $620.83 |
| Total housing payment | $4,508.15 | $4,115.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,490
Usable credit−$0
Total buyer cash needed$13,490
Earnest money paid−$0
Remaining funds due$13,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$1,362.50
Prepaid interest, first (2 days)$202.85
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 closing29 yr 9 moOf the original 30-year loan at 6.430%
Interest already paid$9,272Through Nov 2026
Assumption only · ends Aug 2056$780,515
New conventional · ends Dec 2056$743,876