Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,055/mo
+$53/mo- Down payment
- $46,472
- Funds due
- $59,383
- Interest + MI left
- $668,491
- First ends
- Apr 2054
New loan
New conventional
$4,003/mo
Lowest payment- Down payment
- $56,990
- Funds due
- $67,548
- Interest + MI left
- $777,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,428 | $512,910 |
| Second mortgage | — | — |
| First P&I | $3,459.36 | $3,551.29 |
| Second P&I | — | — |
| Mortgage insurance | $247.24 | $102.58 |
| Taxes, insurance & HOA | $348.67 | $348.67 |
| Total housing payment | $4,055.27 | $4,002.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,472
Closing costs & prepaids$12,910
Usable credit−$0
Total buyer cash needed$59,383
Earnest money paid−$0
Remaining funds due$59,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$516.00
Initial HOA (3 months)$30.00
Prepaid interest, first (2 days)$190.44
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$91,241Through Nov 2026
Assumption only · ends Apr 2054$668,491
New conventional · ends Dec 2056$777,863