Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,191/mo
+$426/mo- Down payment
- $18,358
- Funds due
- $31,942
- Interest + MI left
- $690,068
- First ends
- Jul 2054
New loan
New conventional
$3,765/mo
Lowest payment- Down payment
- $51,600
- Funds due
- $62,819
- Interest + MI left
- $679,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,641 | $464,399 |
| Second mortgage | — | — |
| First P&I | $3,431.27 | $3,146.00 |
| Second P&I | — | — |
| Mortgage insurance | $234.02 | $92.88 |
| Taxes, insurance & HOA | $526.08 | $526.08 |
| Total housing payment | $4,191.37 | $3,764.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,358
Closing costs & prepaids$13,584
Usable credit−$0
Total buyer cash needed$31,942
Earnest money paid−$0
Remaining funds due$31,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,159.99
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)$619.25
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$871.21
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 7.1%
Interest already paid$86,567Through Dec 2026
Assumption only · ends Jul 2054$690,068
New conventional · ends Jan 2057$679,028