Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,817/mo
+$173/mo- Down payment
- $23,801
- Funds due
- $36,131
- Interest + MI left
- $629,557
- First ends
- May 2054
New loan
New conventional
$3,644/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $61,524
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,199 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,242.89 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $92.70 |
| Taxes, insurance & HOA | $341.92 | $341.92 |
| Total housing payment | $3,816.57 | $3,643.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,801
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$36,131
Earnest money paid−$0
Remaining funds due$36,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$525.75
Prepaid interest, first (2 days)$178.72
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$82,813Through Nov 2026
Assumption only · ends May 2054$629,557
New conventional · ends Dec 2056$702,929