Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,017/mo
+$111/mo- Down payment
- $27,443
- Funds due
- $41,129
- Interest + MI left
- $641,188
- First ends
- Dec 2054
New loan
New conventional
$3,906/mo
Lowest payment- Down payment
- $54,500
- Funds due
- $65,902
- Interest + MI left
- $717,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $517,557 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,288.83 | $3,322.82 |
| Second P&I | — | — |
| Mortgage insurance | $243.02 | $98.10 |
| Taxes, insurance & HOA | $484.67 | $484.67 |
| Total housing payment | $4,016.51 | $3,905.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,443
Closing costs & prepaids$13,686
Usable credit−$0
Total buyer cash needed$41,129
Earnest money paid−$0
Remaining funds due$41,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$806.54
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 closing28 yrOf the original 30-year loan at 6.32%
Interest already paid$66,270Through Dec 2026
Assumption only · ends Dec 2054$641,188
New conventional · ends Jan 2057$717,192