Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,136/mo
+$250/mo- Down payment
- $22,854
- Funds due
- $35,570
- Interest + MI left
- $702,613
- First ends
- Oct 2054
New loan
New conventional
$3,886/mo
Lowest payment- Down payment
- $54,300
- Funds due
- $64,674
- Interest + MI left
- $741,146
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $520,146 | $488,700 |
| Second mortgage | — | — |
| First P&I | $3,487.18 | $3,383.66 |
| Second P&I | — | — |
| Mortgage insurance | $243.92 | $97.74 |
| Taxes, insurance & HOA | $404.42 | $404.42 |
| Total housing payment | $4,135.52 | $3,885.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,854
Closing costs & prepaids$12,716
Usable credit−$0
Total buyer cash needed$35,570
Earnest money paid−$0
Remaining funds due$35,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,430.00
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)$498.25
Initial HOA (3 months)$215.01
Prepaid interest, first (1 days)$97.62
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$75,143Through Nov 2026
Assumption only · ends Oct 2054$702,613
New conventional · ends Dec 2056$741,146