Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,812/mo
+$429/mo- Down payment
- $18,321
- Funds due
- $31,096
- Interest + MI left
- $620,494
- First ends
- Dec 2053
New loan
New conventional
$3,383/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $57,452
- Interest + MI left
- $618,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,679 | $423,000 |
| Second mortgage | — | — |
| First P&I | $3,165.84 | $2,865.55 |
| Second P&I | — | — |
| Mortgage insurance | $213.76 | $84.60 |
| Taxes, insurance & HOA | $432.67 | $432.67 |
| Total housing payment | $3,812.27 | $3,382.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,321
Closing costs & prepaids$12,775
Usable credit−$0
Total buyer cash needed$31,096
Earnest money paid−$0
Remaining funds due$31,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$801.88
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 yrOf the original 30-year loan at 7.2%
Interest already paid$99,253Through Dec 2026
Assumption only · ends Dec 2053$620,494
New conventional · ends Jan 2057$618,496