Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,890/mo
+$297/mo- Down payment
- $26,561
- Funds due
- $39,705
- Interest + MI left
- $643,495
- First ends
- Aug 2054
New loan
New conventional
$3,594/mo
Lowest payment- Down payment
- $50,100
- Funds due
- $60,930
- Interest + MI left
- $659,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,439 | $450,900 |
| Second mortgage | — | — |
| First P&I | $3,218.24 | $3,054.55 |
| Second P&I | — | — |
| Mortgage insurance | $223.06 | $90.18 |
| Taxes, insurance & HOA | $449.08 | $449.08 |
| Total housing payment | $3,890.38 | $3,593.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,561
Closing costs & prepaids$13,144
Usable credit−$0
Total buyer cash needed$39,705
Earnest money paid−$0
Remaining funds due$39,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,010.00
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)$601.25
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$811.88
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 yr 8 moOf the original 30-year loan at 6.94%
Interest already paid$77,880Through Dec 2026
Assumption only · ends Aug 2054$643,495
New conventional · ends Jan 2057$659,290