Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,843/mo
+$171/mo- Down payment
- $35,089
- Funds due
- $47,461
- Interest + MI left
- $646,420
- First ends
- Aug 2054
New loan
New conventional
$3,672/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,064
- Interest + MI left
- $696,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,911 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,218.24 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | $223.06 | $91.80 |
| Taxes, insurance & HOA | $402.08 | $402.08 |
| Total housing payment | $3,843.38 | $3,671.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,089
Closing costs & prepaids$12,372
Usable credit−$0
Total buyer cash needed$47,461
Earnest money paid−$0
Remaining funds due$47,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$460.25
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$90.30
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 9 moOf the original 30-year loan at 6.940%
Interest already paid$75,133Through Nov 2026
Assumption only · ends Aug 2054$646,420
New conventional · ends Dec 2056$696,104