Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,525/mo
+$189/mo- Down payment
- $30,066
- Funds due
- $41,656
- Interest + MI left
- $633,109
- First ends
- Dec 2054
New loan
New conventional
$3,335/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $57,806
- Interest + MI left
- $661,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $454,934 | $436,500 |
| Second mortgage | — | — |
| First P&I | $3,085.82 | $3,022.24 |
| Second P&I | — | — |
| Mortgage insurance | $212.80 | $87.30 |
| Taxes, insurance & HOA | $225.92 | $225.92 |
| Total housing payment | $3,524.53 | $3,335.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,066
Closing costs & prepaids$11,590
Usable credit−$0
Total buyer cash needed$41,656
Earnest money paid−$0
Remaining funds due$41,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$69.75
Initial HOA (3 months)$108.00
Prepaid interest, first (1 days)$87.12
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 closing28 yr 1 moOf the original 30-year loan at 6.990%
Interest already paid$61,618Through Nov 2026
Assumption only · ends Dec 2054$633,109
New conventional · ends Dec 2056$661,982