Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,063/mo
+$228/mo- Down payment
- $31,395
- Funds due
- $44,981
- Interest + MI left
- $646,285
- First ends
- Apr 2054
New loan
New conventional
$3,835/mo
Lowest payment- Down payment
- $53,500
- Funds due
- $64,772
- Interest + MI left
- $704,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,605 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,348.18 | $3,261.85 |
| Second P&I | — | — |
| Mortgage insurance | $238.06 | $96.30 |
| Taxes, insurance & HOA | $476.67 | $476.67 |
| Total housing payment | $4,062.91 | $3,834.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,395
Closing costs & prepaids$13,586
Usable credit−$0
Total buyer cash needed$44,981
Earnest money paid−$0
Remaining funds due$44,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$830.74
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 6.69%
Interest already paid$91,339Through Dec 2026
Assumption only · ends Apr 2054$646,285
New conventional · ends Jan 2057$704,033