Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,224/mo
+$508/mo- Down payment
- $11,783
- Funds due
- $24,534
- Interest + MI left
- $696,418
- First ends
- Feb 2054
New loan
New conventional
$3,716/mo
Lowest payment- Down payment
- $49,500
- Funds due
- $59,939
- Interest + MI left
- $675,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,217 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,453.55 | $3,084.55 |
| Second P&I | — | — |
| Mortgage insurance | $227.72 | $89.10 |
| Taxes, insurance & HOA | $542.75 | $542.75 |
| Total housing payment | $4,224.02 | $3,716.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,783
Closing costs & prepaids$12,750
Usable credit−$0
Total buyer cash needed$24,534
Earnest money paid−$0
Remaining funds due$24,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$903.25
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$196.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.440%
Interest already paid$100,349Through Nov 2026
Assumption only · ends Feb 2054$696,418
New conventional · ends Dec 2056$675,631