Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,246/mo
+$153/mo- Down payment
- $51,395
- Funds due
- $65,491
- Interest + MI left
- $696,750
- First ends
- Sep 2054
New loan
New conventional
$4,093/mo
Lowest payment- Down payment
- $57,000
- Funds due
- $68,757
- Interest + MI left
- $750,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,605 | $513,000 |
| Second mortgage | — | — |
| First P&I | $3,487.19 | $3,475.24 |
| Second P&I | — | — |
| Mortgage insurance | $243.67 | $102.60 |
| Taxes, insurance & HOA | $514.67 | $514.67 |
| Total housing payment | $4,245.53 | $4,092.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,395
Closing costs & prepaids$14,096
Usable credit−$0
Total buyer cash needed$65,491
Earnest money paid−$0
Remaining funds due$65,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$877.22
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 9 moOf the original 30-year loan at 6.86%
Interest already paid$81,116Through Dec 2026
Assumption only · ends Sep 2054$696,750
New conventional · ends Jan 2057$750,091