Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,210/mo
+$1,331/mo- Down payment
- $0
- Funds due
- $11,863
- Interest + MI left
- $698,608
- First ends
- Jul 2054
New loan
New conventional
$2,879/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $48,309
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $522,827 | $350,100 |
| Second mortgage | — | — |
| First P&I | $3,526.11 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $246.14 | $70.02 |
| Taxes, insurance & HOA | $437.58 | $437.58 |
| Total housing payment | $4,209.83 | $2,879.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,863
Usable credit−$0
Total buyer cash needed$11,863
Earnest money paid−$0
Remaining funds due$11,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$885.66
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 6.87%
Interest already paid$88,055Through Dec 2026
Assumption only · ends Jul 2054$698,608
New conventional · ends Jan 2057$511,904