Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,043/mo
+$166/mo- Down payment
- $42,083
- Funds due
- $54,801
- Interest + MI left
- $680,682
- First ends
- Jul 2054
New loan
New conventional
$3,878/mo
Lowest payment- Down payment
- $53,990
- Funds due
- $64,372
- Interest + MI left
- $736,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,817 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,393.13 | $3,364.34 |
| Second P&I | — | — |
| Mortgage insurance | $233.99 | $97.18 |
| Taxes, insurance & HOA | $416.33 | $416.33 |
| Total housing payment | $4,043.46 | $3,877.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,083
Closing costs & prepaids$12,718
Usable credit−$0
Total buyer cash needed$54,801
Earnest money paid−$0
Remaining funds due$54,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$434.00
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$95.34
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$82,296Through Nov 2026
Assumption only · ends Jul 2054$680,682
New conventional · ends Dec 2056$736,915