Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,644/mo
+$192/mo- Down payment
- $35,131
- Funds due
- $47,889
- Interest + MI left
- $614,968
- First ends
- Oct 2054
New loan
New conventional
$3,452/mo
Lowest payment- Down payment
- $49,200
- Funds due
- $59,677
- Interest + MI left
- $647,447
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,869 | $442,800 |
| Second mortgage | — | — |
| First P&I | $3,066.00 | $2,999.68 |
| Second P&I | — | — |
| Mortgage insurance | $214.46 | $88.56 |
| Taxes, insurance & HOA | $363.50 | $363.50 |
| Total housing payment | $3,643.96 | $3,451.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,131
Closing costs & prepaids$12,757
Usable credit−$0
Total buyer cash needed$47,889
Earnest money paid−$0
Remaining funds due$47,889
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)$590.50
Prepaid interest, first (9 days)$771.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.85%
Interest already paid$68,678Through Dec 2026
Assumption only · ends Oct 2054$614,968
New conventional · ends Jan 2057$647,447