Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,663/mo
+$159/mo- Down payment
- $30,881
- Funds due
- $42,849
- Interest + MI left
- $632,335
- First ends
- Oct 2054
New loan
New conventional
$3,504/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $59,572
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,119 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,138.38 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | $219.52 | $89.82 |
| Taxes, insurance & HOA | $305.00 | $305.00 |
| Total housing payment | $3,662.90 | $3,504.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,881
Closing costs & prepaids$11,968
Usable credit−$0
Total buyer cash needed$42,849
Earnest money paid−$0
Remaining funds due$42,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$55.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$87.85
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$67,627Through Nov 2026
Assumption only · ends Oct 2054$632,335
New conventional · ends Dec 2056$681,090