Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,763/mo
+$221/mo- Down payment
- $37,876
- Funds due
- $50,937
- Interest + MI left
- $614,513
- First ends
- Jul 2054
New loan
New conventional
$3,542/mo
Lowest payment- Down payment
- $48,890
- Funds due
- $59,664
- Interest + MI left
- $643,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,024 | $440,010 |
| Second mortgage | — | — |
| First P&I | $3,077.24 | $2,980.78 |
| Second P&I | — | — |
| Mortgage insurance | $212.21 | $88.00 |
| Taxes, insurance & HOA | $473.25 | $473.25 |
| Total housing payment | $3,762.70 | $3,542.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,876
Closing costs & prepaids$13,061
Usable credit−$0
Total buyer cash needed$50,937
Earnest money paid−$0
Remaining funds due$50,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,889.00
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)$586.75
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$777.37
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$77,264Through Dec 2026
Assumption only · ends Jul 2054$614,513
New conventional · ends Jan 2057$643,367