Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,056/mo
+$470/mo- Down payment
- $10,758
- Funds due
- $23,946
- Interest + MI left
- $670,839
- First ends
- May 2054
New loan
New conventional
$3,586/mo
Lowest payment- Down payment
- $49,800
- Funds due
- $60,630
- Interest + MI left
- $655,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,242 | $448,200 |
| Second mortgage | — | — |
| First P&I | $3,366.17 | $3,036.26 |
| Second P&I | — | — |
| Mortgage insurance | $229.58 | $89.64 |
| Taxes, insurance & HOA | $459.83 | $459.83 |
| Total housing payment | $4,055.58 | $3,585.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,758
Closing costs & prepaids$13,188
Usable credit−$0
Total buyer cash needed$23,946
Earnest money paid−$0
Remaining funds due$23,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
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)$597.50
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$853.01
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 5 moOf the original 30-year loan at 7.1%
Interest already paid$90,699Through Dec 2026
Assumption only · ends May 2054$670,839
New conventional · ends Jan 2057$655,343