Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,016/mo
+$419/mo- Down payment
- $349
- Funds due
- $12,459
- Interest + MI left
- $686,364
- First ends
- May 2054
New loan
New conventional
$3,598/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $61,291
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $514,651 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,477.86 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | $242.52 | $92.70 |
| Taxes, insurance & HOA | $295.75 | $295.75 |
| Total housing payment | $4,016.13 | $3,597.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$349
Closing costs & prepaids$12,109
Usable credit−$0
Total buyer cash needed$12,459
Earnest money paid−$0
Remaining funds due$12,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$72.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$97.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.880%
Interest already paid$89,843Through Nov 2026
Assumption only · ends May 2054$686,364
New conventional · ends Dec 2056$702,929