Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,108/mo
+$302/mo- Down payment
- $24,612
- Funds due
- $37,344
- Interest + MI left
- $662,897
- First ends
- Feb 2054
New loan
New conventional
$3,806/mo
Lowest payment- Down payment
- $51,499
- Funds due
- $61,915
- Interest + MI left
- $702,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,378 | $463,491 |
| Second mortgage | — | — |
| First P&I | $3,372.09 | $3,209.12 |
| Second P&I | — | — |
| Mortgage insurance | $231.61 | $92.70 |
| Taxes, insurance & HOA | $504.17 | $504.17 |
| Total housing payment | $4,107.87 | $3,805.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,612
Closing costs & prepaids$12,732
Usable credit−$0
Total buyer cash needed$37,344
Earnest money paid−$0
Remaining funds due$37,344
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.90
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)$553.50
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$94.45
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 3 moOf the original 30-year loan at 7.030%
Interest already paid$96,337Through Nov 2026
Assumption only · ends Feb 2054$662,897
New conventional · ends Dec 2056$702,915