Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,527/mo
Lowest payment- Down payment
- $45,098
- Funds due
- $57,434
- Interest + MI left
- $516,249
- First ends
- Apr 2054
New loan
New conventional
$3,548/mo
+$20/mo- Down payment
- $45,000
- Funds due
- $55,095
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,902 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,673.41 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $81.00 |
| Taxes, insurance & HOA | $662.67 | $662.67 |
| Total housing payment | $3,527.34 | $3,547.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,098
Closing costs & prepaids$12,337
Usable credit−$0
Total buyer cash needed$57,434
Earnest money paid−$0
Remaining funds due$57,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,538.00
Prepaid interest, first (1 days)$73.55
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$70,476Through Nov 2026
Assumption only · ends Apr 2054$516,249
New conventional · ends Dec 2056$614,210