Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,611/mo
+$340/mo- Down payment
- $8,276
- Funds due
- $20,722
- Interest + MI left
- $607,723
- First ends
- Oct 2054
New loan
New conventional
$3,271/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,659
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,724 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,044.17 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | $214.46 | $83.70 |
| Taxes, insurance & HOA | $352.67 | $352.67 |
| Total housing payment | $3,611.30 | $3,271.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,276
Closing costs & prepaids$12,447
Usable credit−$0
Total buyer cash needed$20,722
Earnest money paid−$0
Remaining funds due$20,722
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Prepaid interest, first (9 days)$763.54
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 6.78%
Interest already paid$67,966Through Dec 2026
Assumption only · ends Oct 2054$607,723
New conventional · ends Jan 2057$611,916