Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,787/mo
+$228/mo- Down payment
- $25,524
- Funds due
- $37,603
- Interest + MI left
- $639,454
- First ends
- May 2054
New loan
New conventional
$3,559/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $60,275
- Interest + MI left
- $689,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $479,476 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,240.16 | $3,146.87 |
| Second P&I | — | — |
| Mortgage insurance | $225.95 | $90.90 |
| Taxes, insurance & HOA | $321.08 | $321.08 |
| Total housing payment | $3,787.19 | $3,558.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,524
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$37,603
Earnest money paid−$0
Remaining funds due$37,603
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$463.25
Prepaid interest, first (1 days)$90.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.880%
Interest already paid$83,703Through Nov 2026
Assumption only · ends May 2054$639,454
New conventional · ends Dec 2056$689,280