Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,091/mo
+$363/mo- Down payment
- $6,332
- Funds due
- $18,969
- Interest + MI left
- $658,248
- First ends
- May 2054
New loan
New conventional
$3,728/mo
Lowest payment- Down payment
- $49,990
- Funds due
- $60,325
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,568 | $449,910 |
| Second mortgage | — | — |
| First P&I | $3,335.39 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | $232.59 | $89.98 |
| Taxes, insurance & HOA | $523.25 | $523.25 |
| Total housing payment | $4,091.23 | $3,728.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,332
Closing costs & prepaids$12,637
Usable credit−$0
Total buyer cash needed$18,969
Earnest money paid−$0
Remaining funds due$18,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$784.75
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$93.03
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 6 moOf the original 30-year loan at 6.880%
Interest already paid$86,163Through Nov 2026
Assumption only · ends May 2054$658,248
New conventional · ends Dec 2056$682,319