Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,385/mo
+$85/mo- Down payment
- $51,600
- Funds due
- $65,266
- Interest + MI left
- $686,304
- First ends
- Mar 2054
New loan
New conventional
$4,301/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,797
- 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 | $523,400 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,523.85 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $103.50 |
| Taxes, insurance & HOA | $614.17 | $614.17 |
| Total housing payment | $4,385.25 | $4,300.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,600
Closing costs & prepaids$13,665
Usable credit−$0
Total buyer cash needed$65,266
Earnest money paid−$0
Remaining funds due$65,266
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)$862.50
Initial HOA (3 months)$480.00
Prepaid interest, first (1 days)$97.80
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$96,736Through Nov 2026
Assumption only · ends Mar 2054$686,304
New conventional · ends Dec 2056$784,824