Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,009/mo
+$204/mo- Down payment
- $31,940
- Funds due
- $45,466
- Interest + MI left
- $633,840
- First ends
- Apr 2054
New loan
New conventional
$3,805/mo
Lowest payment- Down payment
- $53,000
- Funds due
- $64,225
- Interest + MI left
- $697,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,060 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,295.25 | $3,231.36 |
| Second P&I | — | — |
| Mortgage insurance | $235.51 | $95.40 |
| Taxes, insurance & HOA | $478.67 | $478.67 |
| Total housing payment | $4,009.43 | $3,805.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,940
Closing costs & prepaids$13,526
Usable credit−$0
Total buyer cash needed$45,466
Earnest money paid−$0
Remaining funds due$45,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$300.00
Prepaid interest, first (9 days)$815.45
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$89,671Through Dec 2026
Assumption only · ends Apr 2054$633,840
New conventional · ends Jan 2057$697,453