Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,714/mo
+$449/mo- Down payment
- $5,116
- Funds due
- $17,488
- Interest + MI left
- $615,917
- First ends
- Jul 2054
New loan
New conventional
$3,265/mo
Lowest payment- Down payment
- $44,999
- Funds due
- $55,061
- Interest + MI left
- $592,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,874 | $404,991 |
| Second mortgage | — | — |
| First P&I | $3,064.51 | $2,743.55 |
| Second P&I | — | — |
| Mortgage insurance | $209.21 | $81.00 |
| Taxes, insurance & HOA | $440.00 | $440.00 |
| Total housing payment | $3,713.72 | $3,264.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,116
Closing costs & prepaids$12,373
Usable credit−$0
Total buyer cash needed$17,488
Earnest money paid−$0
Remaining funds due$17,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$540.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$777.74
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 7 moOf the original 30-year loan at 7.09%
Interest already paid$77,281Through Dec 2026
Assumption only · ends Jul 2054$615,917
New conventional · ends Jan 2057$592,164