Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,847/mo
+$242/mo- Down payment
- $24,326
- Funds due
- $37,373
- Interest + MI left
- $626,660
- First ends
- May 2054
New loan
New conventional
$3,605/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,249
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,674 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,242.89 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | $231.77 | $92.70 |
| Taxes, insurance & HOA | $372.67 | $372.67 |
| Total housing payment | $3,847.32 | $3,605.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,326
Closing costs & prepaids$13,046
Usable credit−$0
Total buyer cash needed$37,373
Earnest money paid−$0
Remaining funds due$37,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (9 days)$803.36
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 5 moOf the original 30-year loan at 6.64%
Interest already paid$85,531Through Dec 2026
Assumption only · ends May 2054$626,660
New conventional · ends Jan 2057$677,714