Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,165/mo
+$249/mo- Down payment
- $20,472
- Funds due
- $33,493
- Interest + MI left
- $674,086
- First ends
- Oct 2054
New loan
New conventional
$3,916/mo
Lowest payment- Down payment
- $51,950
- Funds due
- $62,652
- Interest + MI left
- $709,071
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,028 | $467,550 |
| Second mortgage | — | — |
| First P&I | $3,345.60 | $3,237.22 |
| Second P&I | — | — |
| Mortgage insurance | $234.01 | $93.51 |
| Taxes, insurance & HOA | $585.67 | $585.67 |
| Total housing payment | $4,165.28 | $3,916.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,472
Closing costs & prepaids$13,021
Usable credit−$0
Total buyer cash needed$33,493
Earnest money paid−$0
Remaining funds due$33,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,195.00
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)$663.00
Initial HOA (3 months)$594.00
Prepaid interest, first (1 days)$93.65
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.850%
Interest already paid$72,092Through Nov 2026
Assumption only · ends Oct 2054$674,086
New conventional · ends Dec 2056$709,071