Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,976/mo
+$37/mo- Down payment
- $46,403
- Funds due
- $59,254
- Interest + MI left
- $636,779
- First ends
- Apr 2054
New loan
New conventional
$3,939/mo
Lowest payment- Down payment
- $54,500
- Funds due
- $65,014
- Interest + MI left
- $743,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,597 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,295.25 | $3,396.12 |
| Second P&I | — | — |
| Mortgage insurance | $235.51 | $98.10 |
| Taxes, insurance & HOA | $444.83 | $444.83 |
| Total housing payment | $3,975.59 | $3,939.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,403
Closing costs & prepaids$12,850
Usable credit−$0
Total buyer cash needed$59,254
Earnest money paid−$0
Remaining funds due$59,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$534.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$90.70
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$86,912Through Nov 2026
Assumption only · ends Apr 2054$636,779
New conventional · ends Dec 2056$743,876