Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,280/mo
+$374/mo- Down payment
- $15,652
- Funds due
- $29,318
- Interest + MI left
- $745,624
- First ends
- Mar 2055
New loan
New conventional
$3,906/mo
Lowest payment- Down payment
- $56,000
- Funds due
- $67,279
- Interest + MI left
- $736,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $544,348 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,635.16 | $3,414.27 |
| Second P&I | — | — |
| Mortgage insurance | $254.27 | $100.80 |
| Taxes, insurance & HOA | $390.67 | $390.67 |
| Total housing payment | $4,280.09 | $3,905.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,652
Closing costs & prepaids$13,666
Usable credit−$0
Total buyer cash needed$29,318
Earnest money paid−$0
Remaining funds due$29,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Prepaid interest, first (9 days)$919.43
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 3 moOf the original 30-year loan at 6.85%
Interest already paid$65,920Through Dec 2026
Assumption only · ends Mar 2055$745,624
New conventional · ends Jan 2057$736,931