Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,020/mo
+$1,274/mo- Down payment
- $0
- Funds due
- $9,541
- Interest + MI left
- $501,574
- First ends
- Aug 2054
New loan
New conventional
$1,746/mo
Lowest payment- Down payment
- $23,900
- Funds due
- $31,144
- Interest + MI left
- $314,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,826 | $215,100 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $1,457.16 |
| Second P&I | — | — |
| Mortgage insurance | $182.80 | $43.02 |
| Taxes, insurance & HOA | $245.58 | $245.58 |
| Total housing payment | $3,019.86 | $1,745.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,541
Usable credit−$0
Total buyer cash needed$9,541
Earnest money paid−$0
Remaining funds due$9,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Prepaid interest, first (9 days)$639.21
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$61,388Through Dec 2026
Assumption only · ends Aug 2054$501,574
New conventional · ends Jan 2057$314,512