Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,735/mo
+$60/mo- Down payment
- $38,970
- Funds due
- $51,435
- Interest + MI left
- $582,668
- First ends
- Feb 2054
New loan
New conventional
$3,675/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,173
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,029 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,047.62 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | $218.26 | $90.00 |
| Taxes, insurance & HOA | $468.91 | $468.91 |
| Total housing payment | $3,734.79 | $3,674.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,970
Closing costs & prepaids$12,465
Usable credit−$0
Total buyer cash needed$51,435
Earnest money paid−$0
Remaining funds due$51,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$656.75
Initial HOA (3 months)$249.99
Prepaid interest, first (1 days)$83.62
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 3 moOf the original 30-year loan at 6.620%
Interest already paid$85,395Through Nov 2026
Assumption only · ends Feb 2054$582,668
New conventional · ends Dec 2056$682,454