Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,559/mo
+$126/mo- Down payment
- $34,676
- Funds due
- $46,493
- Interest + MI left
- $617,753
- First ends
- Oct 2054
New loan
New conventional
$3,433/mo
Lowest payment- Down payment
- $49,200
- Funds due
- $58,730
- Interest + MI left
- $671,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,324 | $442,800 |
| Second mortgage | — | — |
| First P&I | $3,066.00 | $3,065.86 |
| Second P&I | — | — |
| Mortgage insurance | $214.46 | $88.56 |
| Taxes, insurance & HOA | $278.92 | $278.92 |
| Total housing payment | $3,559.38 | $3,433.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,676
Closing costs & prepaids$11,818
Usable credit−$0
Total buyer cash needed$46,493
Earnest money paid−$0
Remaining funds due$46,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,920.00
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)$336.75
Prepaid interest, first (1 days)$85.83
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$66,067Through Nov 2026
Assumption only · ends Oct 2054$617,753
New conventional · ends Dec 2056$671,536