Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,829/mo
+$390/mo- Down payment
- $11,015
- Funds due
- $23,791
- Interest + MI left
- $636,529
- First ends
- May 2054
New loan
New conventional
$3,438/mo
Lowest payment- Down payment
- $49,000
- Funds due
- $59,454
- Interest + MI left
- $644,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $478,985 | $441,000 |
| Second mortgage | — | — |
| First P&I | $3,240.16 | $2,987.49 |
| Second P&I | — | — |
| Mortgage insurance | $225.95 | $88.20 |
| Taxes, insurance & HOA | $362.67 | $362.67 |
| Total housing payment | $3,828.78 | $3,438.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,015
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$23,791
Earnest money paid−$0
Remaining funds due$23,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (9 days)$812.57
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 6.88%
Interest already paid$86,452Through Dec 2026
Assumption only · ends May 2054$636,529
New conventional · ends Jan 2057$644,815