Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,997/mo
+$121/mo- Down payment
- $33,518
- Funds due
- $47,179
- Interest + MI left
- $632,477
- First ends
- Sep 2054
New loan
New conventional
$3,875/mo
Lowest payment- Down payment
- $53,700
- Funds due
- $65,077
- Interest + MI left
- $706,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,482 | $483,300 |
| Second mortgage | — | — |
| First P&I | $3,255.05 | $3,274.04 |
| Second P&I | — | — |
| Mortgage insurance | $237.02 | $96.66 |
| Taxes, insurance & HOA | $504.50 | $504.50 |
| Total housing payment | $3,996.57 | $3,875.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,518
Closing costs & prepaids$13,660
Usable credit−$0
Total buyer cash needed$47,179
Earnest money paid−$0
Remaining funds due$47,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,370.00
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)$644.50
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$801.98
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 9 moOf the original 30-year loan at 6.46%
Interest already paid$74,234Through Dec 2026
Assumption only · ends Sep 2054$632,477
New conventional · ends Jan 2057$706,665