Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,139/mo
+$497/mo- Down payment
- $0
- Funds due
- $10,359
- Interest + MI left
- $524,916
- First ends
- May 2054
New loan
New conventional
$2,642/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $45,172
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,771 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,679.61 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | $188.97 | $66.58 |
| Taxes, insurance & HOA | $270.08 | $270.08 |
| Total housing payment | $3,138.67 | $2,641.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,359
Usable credit−$0
Total buyer cash needed$10,359
Earnest money paid−$0
Remaining funds due$10,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$360.25
Prepaid interest, first (1 days)$74.33
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 6.770%
Interest already paid$68,866Through Nov 2026
Assumption only · ends May 2054$524,916
New conventional · ends Dec 2056$504,880