Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,091/mo
+$200/mo- Down payment
- $46,317
- Funds due
- $58,985
- Interest + MI left
- $677,748
- First ends
- Nov 2053
New loan
New conventional
$3,891/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $65,311
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,583 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,486.73 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | $238.52 | $98.98 |
| Taxes, insurance & HOA | $365.50 | $365.50 |
| Total housing payment | $4,090.75 | $3,891.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,317
Closing costs & prepaids$12,668
Usable credit−$0
Total buyer cash needed$58,985
Earnest money paid−$0
Remaining funds due$58,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$432.50
Initial HOA (3 months)$164.01
Prepaid interest, first (1 days)$97.54
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 yrOf the original 30-year loan at 7.070%
Interest already paid$108,706Through Nov 2026
Assumption only · ends Nov 2053$677,748
New conventional · ends Dec 2056$750,564