Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,333/mo
+$236/mo- Down payment
- $11,854
- Funds due
- $23,104
- Interest + MI left
- $547,542
- First ends
- May 2054
New loan
New conventional
$3,097/mo
Lowest payment- Down payment
- $42,990
- Funds due
- $52,013
- Interest + MI left
- $586,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,046 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,795.12 | $2,678.89 |
| Second P&I | — | — |
| Mortgage insurance | $197.11 | $77.38 |
| Taxes, insurance & HOA | $340.58 | $340.58 |
| Total housing payment | $3,332.82 | $3,096.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,854
Closing costs & prepaids$11,251
Usable credit−$0
Total buyer cash needed$23,104
Earnest money paid−$0
Remaining funds due$23,104
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$571.75
Prepaid interest, first (2 days)$155.08
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 6.770%
Interest already paid$71,834Through Nov 2026
Assumption only · ends May 2054$547,542
New conventional · ends Dec 2056$586,775