Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,307/mo
+$149/mo- Down payment
- $50,550
- Funds due
- $63,791
- Interest + MI left
- $718,010
- First ends
- Jun 2054
New loan
New conventional
$4,158/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,369
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $524,450 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,588.53 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | $246.72 | $103.50 |
| Taxes, insurance & HOA | $471.42 | $471.42 |
| Total housing payment | $4,306.67 | $4,157.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,550
Closing costs & prepaids$13,240
Usable credit−$0
Total buyer cash needed$63,791
Earnest money paid−$0
Remaining funds due$63,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$479.25
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$100.87
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 7 moOf the original 30-year loan at 7.020%
Interest already paid$90,221Through Nov 2026
Assumption only · ends Jun 2054$718,010
New conventional · ends Dec 2056$784,824