Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,102/mo
+$652/mo- Down payment
- $0
- Funds due
- $12,180
- Interest + MI left
- $693,132
- First ends
- Jul 2054
New loan
New conventional
$3,450/mo
Lowest payment- Down payment
- $46,990
- Funds due
- $56,878
- Interest + MI left
- $641,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,074 | $422,910 |
| Second mortgage | — | — |
| First P&I | $3,430.92 | $2,928.14 |
| Second P&I | — | — |
| Mortgage insurance | $233.99 | $84.58 |
| Taxes, insurance & HOA | $437.33 | $437.33 |
| Total housing payment | $4,102.24 | $3,450.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,180
Usable credit−$0
Total buyer cash needed$12,180
Earnest money paid−$0
Remaining funds due$12,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$378.00
Prepaid interest, first (2 days)$193.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.100%
Interest already paid$83,611Through Nov 2026
Assumption only · ends Jul 2054$693,132
New conventional · ends Dec 2056$641,371