Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,603/mo
+$87/mo- Down payment
- $40,751
- Funds due
- $52,933
- Interest + MI left
- $574,650
- First ends
- Mar 2054
New loan
New conventional
$3,516/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $57,809
- Interest + MI left
- $653,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $438,248 | $431,099 |
| Second mortgage | — | — |
| First P&I | $2,950.56 | $2,984.84 |
| Second P&I | — | — |
| Mortgage insurance | $207.01 | $86.22 |
| Taxes, insurance & HOA | $445.25 | $445.25 |
| Total housing payment | $3,602.82 | $3,516.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,751
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$52,933
Earnest money paid−$0
Remaining funds due$52,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,789.99
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)$460.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$81.89
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 6.820%
Interest already paid$80,998Through Nov 2026
Assumption only · ends Mar 2054$574,650
New conventional · ends Dec 2056$653,791