Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,437/mo
+$66/mo- Down payment
- $41,483
- Funds due
- $54,055
- Interest + MI left
- $584,966
- First ends
- Apr 2055
New loan
New conventional
$3,372/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $58,336
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $438,517 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,873.95 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | $204.76 | $86.40 |
| Taxes, insurance & HOA | $358.67 | $358.67 |
| Total housing payment | $3,437.38 | $3,371.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,483
Closing costs & prepaids$12,572
Usable credit−$0
Total buyer cash needed$54,055
Earnest money paid−$0
Remaining funds due$54,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (9 days)$721.21
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 closing28 yr 4 moOf the original 30-year loan at 6.67%
Interest already paid$49,238Through Dec 2026
Assumption only · ends Apr 2055$584,966
New conventional · ends Jan 2057$631,655