Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,900/mo
+$218/mo- Down payment
- $17,820
- Funds due
- $30,002
- Interest + MI left
- $654,807
- First ends
- Apr 2054
New loan
New conventional
$3,682/mo
Lowest payment- Down payment
- $53,400
- Funds due
- $63,253
- Interest + MI left
- $728,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $516,180 | $480,600 |
| Second mortgage | — | — |
| First P&I | $3,398.16 | $3,327.58 |
| Second P&I | — | — |
| Mortgage insurance | $243.87 | $96.12 |
| Taxes, insurance & HOA | $258.08 | $258.08 |
| Total housing payment | $3,900.11 | $3,681.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,820
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$30,002
Earnest money paid−$0
Remaining funds due$30,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,340.00
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)$19.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$93.34
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 5 moOf the original 30-year loan at 6.600%
Interest already paid$89,446Through Nov 2026
Assumption only · ends Apr 2054$654,807
New conventional · ends Dec 2056$728,862