Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,096/mo
+$301/mo- Down payment
- $30,871
- Funds due
- $44,407
- Interest + MI left
- $672,189
- First ends
- Jun 2054
New loan
New conventional
$3,795/mo
Lowest payment- Down payment
- $53,000
- Funds due
- $64,195
- Interest + MI left
- $697,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,129 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,392.52 | $3,231.36 |
| Second P&I | — | — |
| Mortgage insurance | $235.14 | $95.40 |
| Taxes, insurance & HOA | $468.67 | $468.67 |
| Total housing payment | $4,096.32 | $3,795.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,871
Closing costs & prepaids$13,535
Usable credit−$0
Total buyer cash needed$44,407
Earnest money paid−$0
Remaining funds due$44,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$854.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.94%
Interest already paid$87,879Through Dec 2026
Assumption only · ends Jun 2054$672,189
New conventional · ends Jan 2057$697,453