Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,194/mo
+$357/mo- Down payment
- $17,874
- Funds due
- $30,690
- Interest + MI left
- $693,203
- First ends
- Jul 2054
New loan
New conventional
$3,837/mo
Lowest payment- Down payment
- $51,600
- Funds due
- $62,098
- Interest + MI left
- $704,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,125 | $464,399 |
| Second mortgage | — | — |
| First P&I | $3,431.27 | $3,215.40 |
| Second P&I | — | — |
| Mortgage insurance | $234.02 | $92.88 |
| Taxes, insurance & HOA | $528.25 | $528.25 |
| Total housing payment | $4,193.53 | $3,836.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,874
Closing costs & prepaids$12,817
Usable credit−$0
Total buyer cash needed$30,690
Earnest money paid−$0
Remaining funds due$30,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,159.99
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)$625.75
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$96.90
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 7.100%
Interest already paid$83,620Through Nov 2026
Assumption only · ends Jul 2054$693,203
New conventional · ends Dec 2056$704,292