Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,899/mo
+$594/mo- Down payment
- $1,882
- Funds due
- $14,407
- Interest + MI left
- $607,750
- First ends
- Feb 2053
New loan
New conventional
$3,305/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $57,218
- Interest + MI left
- $618,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,117 | $422,999 |
| Second mortgage | — | — |
| First P&I | $3,197.44 | $2,865.54 |
| Second P&I | — | — |
| Mortgage insurance | $347.06 | $84.60 |
| Taxes, insurance & HOA | $354.67 | $354.67 |
| Total housing payment | $3,899.17 | $3,304.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,882
Closing costs & prepaids$12,525
Usable credit−$0
Total buyer cash needed$14,407
Earnest money paid−$0
Remaining funds due$14,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.99
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)$564.00
Prepaid interest, first (9 days)$786.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 2 moOf the original 30-year loan at 6.81%
Interest already paid$125,239Through Dec 2026
Assumption only · ends Feb 2053$607,750
New conventional · ends Jan 2057$618,494