Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,111/mo
+$368/mo- Down payment
- $10,147
- Funds due
- $23,562
- Interest + MI left
- $656,176
- First ends
- Mar 2054
New loan
New conventional
$3,743/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,580
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $514,853 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,420.00 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | $243.67 | $94.50 |
| Taxes, insurance & HOA | $447.67 | $447.67 |
| Total housing payment | $4,111.34 | $3,743.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,147
Closing costs & prepaids$13,415
Usable credit−$0
Total buyer cash needed$23,562
Earnest money paid−$0
Remaining funds due$23,562
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$846.76
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 6.67%
Interest already paid$96,070Through Dec 2026
Assumption only · ends Mar 2054$656,176
New conventional · ends Jan 2057$690,873