Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,000/mo
+$2,170/mo- Down payment
- $0
- Funds due
- $9,057
- Interest + MI left
- $710,340
- First ends
- May 2054
New loan
New conventional
$1,830/mo
Lowest payment- Down payment
- $24,990
- Funds due
- $31,943
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,428 | $224,910 |
| Second mortgage | — | — |
| First P&I | $3,532.52 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | $239.24 | $44.98 |
| Taxes, insurance & HOA | $227.75 | $227.75 |
| Total housing payment | $3,999.51 | $1,829.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,057
Usable credit−$0
Total buyer cash needed$9,057
Earnest money paid−$0
Remaining funds due$9,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$233.25
Prepaid interest, first (1 days)$99.87
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 7.170%
Interest already paid$92,427Through Nov 2026
Assumption only · ends May 2054$710,340
New conventional · ends Dec 2056$341,091