Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,843/mo
+$240/mo- Down payment
- $24,619
- Funds due
- $36,922
- Interest + MI left
- $624,769
- First ends
- Mar 2054
New loan
New conventional
$3,603/mo
Lowest payment- Down payment
- $49,490
- Funds due
- $59,500
- Interest + MI left
- $675,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,281 | $445,410 |
| Second mortgage | — | — |
| First P&I | $3,190.69 | $3,083.93 |
| Second P&I | — | — |
| Mortgage insurance | $222.05 | $89.08 |
| Taxes, insurance & HOA | $430.25 | $430.25 |
| Total housing payment | $3,842.99 | $3,603.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,619
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$36,922
Earnest money paid−$0
Remaining funds due$36,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$448.75
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$88.90
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 4 moOf the original 30-year loan at 6.900%
Interest already paid$87,917Through Nov 2026
Assumption only · ends Mar 2054$624,769
New conventional · ends Dec 2056$675,494