Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,152/mo
+$319/mo- Down payment
- $20,969
- Funds due
- $34,699
- Interest + MI left
- $671,048
- First ends
- Oct 2054
New loan
New conventional
$3,833/mo
Lowest payment- Down payment
- $51,950
- Funds due
- $63,346
- Interest + MI left
- $683,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,531 | $467,550 |
| Second mortgage | — | — |
| First P&I | $3,345.60 | $3,167.35 |
| Second P&I | — | — |
| Mortgage insurance | $234.01 | $93.51 |
| Taxes, insurance & HOA | $572.50 | $572.50 |
| Total housing payment | $4,152.11 | $3,833.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,969
Closing costs & prepaids$13,730
Usable credit−$0
Total buyer cash needed$34,699
Earnest money paid−$0
Remaining funds due$34,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,195.00
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)$623.50
Initial HOA (3 months)$594.00
Prepaid interest, first (9 days)$842.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 6.85%
Interest already paid$74,941Through Dec 2026
Assumption only · ends Oct 2054$671,048
New conventional · ends Jan 2057$683,635