Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,277/mo
+$85/mo- Down payment
- $47,523
- Funds due
- $60,908
- Interest + MI left
- $684,191
- First ends
- May 2054
New loan
New conventional
$4,192/mo
Lowest payment- Down payment
- $56,990
- Funds due
- $68,012
- Interest + MI left
- $777,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $522,377 | $512,910 |
| Second mortgage | — | — |
| First P&I | $3,492.69 | $3,551.29 |
| Second P&I | — | — |
| Mortgage insurance | $246.31 | $102.58 |
| Taxes, insurance & HOA | $537.83 | $537.83 |
| Total housing payment | $4,276.83 | $4,191.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,523
Closing costs & prepaids$13,384
Usable credit−$0
Total buyer cash needed$60,908
Earnest money paid−$0
Remaining funds due$60,908
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$606.50
Initial HOA (3 months)$507.00
Prepaid interest, first (1 days)$96.89
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 6 moOf the original 30-year loan at 6.770%
Interest already paid$89,761Through Nov 2026
Assumption only · ends May 2054$684,191
New conventional · ends Dec 2056$777,863