Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,855/mo
+$148/mo- Down payment
- $47,554
- Funds due
- $60,860
- Interest + MI left
- $632,319
- First ends
- Jul 2054
New loan
New conventional
$3,707/mo
Lowest payment- Down payment
- $52,000
- Funds due
- $63,014
- Interest + MI left
- $684,292
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $472,445 | $467,999 |
| Second mortgage | — | — |
| First P&I | $3,189.40 | $3,170.39 |
| Second P&I | — | — |
| Mortgage insurance | $222.41 | $93.60 |
| Taxes, insurance & HOA | $443.34 | $443.34 |
| Total housing payment | $3,855.15 | $3,707.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,554
Closing costs & prepaids$13,306
Usable credit−$0
Total buyer cash needed$60,860
Earnest money paid−$0
Remaining funds due$60,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.99
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)$624.00
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$801.47
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 6.88%
Interest already paid$79,683Through Dec 2026
Assumption only · ends Jul 2054$632,319
New conventional · ends Jan 2057$684,292