Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,730/mo
+$230/mo- Down payment
- $41,886
- Funds due
- $56,624
- Interest + MI left
- $772,623
- First ends
- Apr 2054
New loan
New conventional
$4,500/mo
Lowest payment- Down payment
- $64,900
- Funds due
- $77,229
- Interest + MI left
- $854,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $607,114 | $584,100 |
| Second mortgage | — | — |
| First P&I | $4,016.77 | $3,956.90 |
| Second P&I | — | — |
| Mortgage insurance | $287.07 | $116.82 |
| Taxes, insurance & HOA | $426.25 | $426.25 |
| Total housing payment | $4,730.09 | $4,499.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,886
Closing costs & prepaids$14,738
Usable credit−$0
Total buyer cash needed$56,624
Earnest money paid−$0
Remaining funds due$56,624
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)$778.75
Prepaid interest, first (9 days)$994.00
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 closing27 yr 4 moOf the original 30-year loan at 6.64%
Interest already paid$109,305Through Dec 2026
Assumption only · ends Apr 2054$772,623
New conventional · ends Jan 2057$854,051