Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,181/mo
+$405/mo- Down payment
- $10,272
- Funds due
- $23,774
- Interest + MI left
- $699,446
- First ends
- Oct 2054
New loan
New conventional
$3,776/mo
Lowest payment- Down payment
- $52,990
- Funds due
- $64,129
- Interest + MI left
- $697,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,628 | $476,910 |
| Second mortgage | — | — |
| First P&I | $3,487.18 | $3,230.75 |
| Second P&I | — | — |
| Mortgage insurance | $243.92 | $95.38 |
| Taxes, insurance & HOA | $450.34 | $450.34 |
| Total housing payment | $4,181.43 | $3,776.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,272
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$23,774
Earnest money paid−$0
Remaining funds due$23,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$636.00
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$877.67
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$78,112Through Dec 2026
Assumption only · ends Oct 2054$699,446
New conventional · ends Jan 2057$697,321