Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,745/mo
+$161/mo- Down payment
- $35,643
- Funds due
- $47,964
- Interest + MI left
- $611,583
- First ends
- Mar 2054
New loan
New conventional
$3,584/mo
Lowest payment- Down payment
- $49,600
- Funds due
- $59,632
- Interest + MI left
- $676,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $460,356 | $446,399 |
| Second mortgage | — | — |
| First P&I | $3,123.35 | $3,090.78 |
| Second P&I | — | — |
| Mortgage insurance | $217.36 | $89.28 |
| Taxes, insurance & HOA | $403.92 | $403.92 |
| Total housing payment | $3,744.63 | $3,583.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,643
Closing costs & prepaids$12,321
Usable credit−$0
Total buyer cash needed$47,964
Earnest money paid−$0
Remaining funds due$47,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,959.99
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)$441.75
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$174.05
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 4 moOf the original 30-year loan at 6.900%
Interest already paid$86,062Through Nov 2026
Assumption only · ends Mar 2054$611,583
New conventional · ends Dec 2056$676,994