Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,044/mo
+$230/mo- Down payment
- $30,368
- Funds due
- $42,987
- Interest + MI left
- $675,264
- First ends
- Jun 2054
New loan
New conventional
$3,814/mo
Lowest payment- Down payment
- $53,000
- Funds due
- $63,290
- Interest + MI left
- $723,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,632 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,392.52 | $3,302.65 |
| Second P&I | — | — |
| Mortgage insurance | $235.14 | $95.40 |
| Taxes, insurance & HOA | $416.17 | $416.17 |
| Total housing payment | $4,043.82 | $3,814.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,368
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$42,987
Earnest money paid−$0
Remaining funds due$42,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$478.50
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$95.00
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 6.940%
Interest already paid$84,990Through Nov 2026
Assumption only · ends Jun 2054$675,264
New conventional · ends Dec 2056$723,403