Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,922/mo
+$49/mo- Down payment
- $32,977
- Funds due
- $45,701
- Interest + MI left
- $635,378
- First ends
- Sep 2054
New loan
New conventional
$3,873/mo
Lowest payment- Down payment
- $53,700
- Funds due
- $64,096
- Interest + MI left
- $732,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,023 | $483,300 |
| Second mortgage | — | — |
| First P&I | $3,255.05 | $3,346.27 |
| Second P&I | — | — |
| Mortgage insurance | $237.02 | $96.66 |
| Taxes, insurance & HOA | $430.08 | $430.08 |
| Total housing payment | $3,922.15 | $3,873.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,977
Closing costs & prepaids$12,724
Usable credit−$0
Total buyer cash needed$45,701
Earnest money paid−$0
Remaining funds due$45,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,370.00
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)$421.25
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$89.21
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 10 moOf the original 30-year loan at 6.460%
Interest already paid$71,521Through Nov 2026
Assumption only · ends Sep 2054$635,378
New conventional · ends Dec 2056$732,957