Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,891/mo
+$306/mo- Down payment
- $25,105
- Funds due
- $38,265
- Interest + MI left
- $621,895
- First ends
- Mar 2054
New loan
New conventional
$3,585/mo
Lowest payment- Down payment
- $49,490
- Funds due
- $60,344
- Interest + MI left
- $651,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,795 | $445,410 |
| Second mortgage | — | — |
| First P&I | $3,190.69 | $3,017.36 |
| Second P&I | — | — |
| Mortgage insurance | $222.05 | $89.08 |
| Taxes, insurance & HOA | $478.67 | $478.67 |
| Total housing payment | $3,891.41 | $3,585.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,105
Closing costs & prepaids$13,159
Usable credit−$0
Total buyer cash needed$38,265
Earnest money paid−$0
Remaining funds due$38,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$594.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$799.29
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 3 moOf the original 30-year loan at 6.9%
Interest already paid$90,621Through Dec 2026
Assumption only · ends Mar 2054$621,895
New conventional · ends Jan 2057$651,263