Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,320/mo
+$332/mo- Down payment
- $13,710
- Funds due
- $25,404
- Interest + MI left
- $560,377
- First ends
- Jul 2054
New loan
New conventional
$2,988/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,937
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,290 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,806.15 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $76.50 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $3,319.66 | $2,987.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,710
Closing costs & prepaids$11,694
Usable credit−$0
Total buyer cash needed$25,404
Earnest money paid−$0
Remaining funds due$25,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$708.88
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$70,457Through Dec 2026
Assumption only · ends Jul 2054$560,377
New conventional · ends Jan 2057$559,278