Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,063/mo
+$573/mo- Down payment
- $0
- Funds due
- $9,952
- Interest + MI left
- $551,682
- First ends
- Sep 2054
New loan
New conventional
$2,490/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $44,277
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,624 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,725.31 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $187.94 | $65.70 |
| Taxes, insurance & HOA | $150.00 | $150.00 |
| Total housing payment | $3,063.25 | $2,490.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,952
Usable credit−$0
Total buyer cash needed$9,952
Earnest money paid−$0
Remaining funds due$9,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (1 days)$76.72
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 10 moOf the original 30-year loan at 6.990%
Interest already paid$61,434Through Nov 2026
Assumption only · ends Sep 2054$551,682
New conventional · ends Dec 2056$498,192