Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
+$610/mo- Down payment
- $0
- Funds due
- $10,924
- Interest + MI left
- $522,508
- First ends
- May 2054
New loan
New conventional
$2,553/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $44,660
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,352 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,679.61 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $188.97 | $64.78 |
| Taxes, insurance & HOA | $294.00 | $294.00 |
| Total housing payment | $3,162.58 | $2,553.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,924
Usable credit−$0
Total buyer cash needed$10,924
Earnest money paid−$0
Remaining funds due$10,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$668.31
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 6.77%
Interest already paid$71,127Through Dec 2026
Assumption only · ends May 2054$522,508
New conventional · ends Jan 2057$473,610