Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,549/mo
+$143/mo- Down payment
- $41,232
- Funds due
- $54,655
- Interest + MI left
- $776,206
- First ends
- Apr 2054
New loan
New conventional
$4,406/mo
Lowest payment- Down payment
- $64,900
- Funds due
- $75,889
- Interest + MI left
- $885,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $607,768 | $584,100 |
| Second mortgage | — | — |
| First P&I | $4,016.77 | $4,044.19 |
| Second P&I | — | — |
| Mortgage insurance | $287.07 | $116.82 |
| Taxes, insurance & HOA | $245.42 | $245.42 |
| Total housing payment | $4,549.26 | $4,406.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,232
Closing costs & prepaids$13,422
Usable credit−$0
Total buyer cash needed$54,655
Earnest money paid−$0
Remaining funds due$54,655
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,490.00
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)$236.25
Prepaid interest, first (2 days)$221.13
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 6.640%
Interest already paid$105,942Through Nov 2026
Assumption only · ends Apr 2054$776,206
New conventional · ends Dec 2056$885,827