Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,039/mo
+$403/mo- Down payment
- $10,278
- Funds due
- $22,658
- Interest + MI left
- $673,905
- First ends
- May 2054
New loan
New conventional
$3,636/mo
Lowest payment- Down payment
- $49,800
- Funds due
- $59,878
- Interest + MI left
- $679,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,722 | $448,200 |
| Second mortgage | — | — |
| First P&I | $3,366.17 | $3,103.25 |
| Second P&I | — | — |
| Mortgage insurance | $229.58 | $89.64 |
| Taxes, insurance & HOA | $443.50 | $443.50 |
| Total housing payment | $4,039.24 | $3,636.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,278
Closing costs & prepaids$12,380
Usable credit−$0
Total buyer cash needed$22,658
Earnest money paid−$0
Remaining funds due$22,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
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)$548.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$94.87
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 6 moOf the original 30-year loan at 7.100%
Interest already paid$87,813Through Nov 2026
Assumption only · ends May 2054$673,905
New conventional · ends Dec 2056$679,725