Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,856/mo
+$553/mo- Down payment
- $0
- Funds due
- $12,505
- Interest + MI left
- $627,827
- First ends
- Aug 2054
New loan
New conventional
$3,304/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $55,179
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $468,960 | $405,000 |
| Second mortgage | — | — |
| First P&I | $3,156.55 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | $220.57 | $81.00 |
| Taxes, insurance & HOA | $479.00 | $479.00 |
| Total housing payment | $3,856.12 | $3,303.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,505
Usable credit−$0
Total buyer cash needed$12,505
Earnest money paid−$0
Remaining funds due$12,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$793.25
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 8 moOf the original 30-year loan at 6.86%
Interest already paid$76,108Through Dec 2026
Assumption only · ends Aug 2054$627,827
New conventional · ends Jan 2057$592,177