Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,000/mo
+$124/mo- Down payment
- $46,922
- Funds due
- $61,745
- Interest + MI left
- $794,353
- First ends
- Aug 2054
New loan
New conventional
$4,876/mo
Lowest payment- Down payment
- $65,000
- Funds due
- $77,387
- Interest + MI left
- $887,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,078 | $585,000 |
| Second mortgage | — | — |
| First P&I | $4,008.05 | $4,050.42 |
| Second P&I | — | — |
| Mortgage insurance | $283.52 | $117.00 |
| Taxes, insurance & HOA | $708.33 | $708.33 |
| Total housing payment | $4,999.90 | $4,875.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,922
Closing costs & prepaids$14,823
Usable credit−$0
Total buyer cash needed$61,745
Earnest money paid−$0
Remaining funds due$61,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,625.00
Prepaid interest, first (2 days)$222.73
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 9 moOf the original 30-year loan at 6.740%
Interest already paid$92,706Through Nov 2026
Assumption only · ends Aug 2054$794,353
New conventional · ends Dec 2056$887,192