Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,107/mo
+$290/mo- Down payment
- $18,379
- Funds due
- $31,929
- Interest + MI left
- $651,782
- First ends
- Apr 2054
New loan
New conventional
$3,817/mo
Lowest payment- Down payment
- $53,400
- Funds due
- $64,628
- Interest + MI left
- $702,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $515,621 | $480,600 |
| Second mortgage | — | — |
| First P&I | $3,398.16 | $3,255.75 |
| Second P&I | — | — |
| Mortgage insurance | $243.87 | $96.12 |
| Taxes, insurance & HOA | $465.25 | $465.25 |
| Total housing payment | $4,107.28 | $3,817.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,379
Closing costs & prepaids$13,550
Usable credit−$0
Total buyer cash needed$31,929
Earnest money paid−$0
Remaining funds due$31,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,340.00
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)$640.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$839.12
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 6.6%
Interest already paid$92,285Through Dec 2026
Assumption only · ends Apr 2054$651,782
New conventional · ends Jan 2057$702,717