Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,586/mo
+$110/mo- Down payment
- $42,546
- Funds due
- $54,602
- Interest + MI left
- $598,146
- First ends
- Jul 2054
New loan
New conventional
$3,477/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $57,780
- Interest + MI left
- $655,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,454 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,981.70 | $2,991.08 |
| Second P&I | — | — |
| Mortgage insurance | $205.62 | $86.40 |
| Taxes, insurance & HOA | $399.17 | $399.17 |
| Total housing payment | $3,586.49 | $3,476.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,546
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$54,602
Earnest money paid−$0
Remaining funds due$54,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$415.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$83.78
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$72,317Through Nov 2026
Assumption only · ends Jul 2054$598,146
New conventional · ends Dec 2056$655,157