Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,854/mo
Lowest payment- Down payment
- $45,907
- Funds due
- $60,942
- Interest + MI left
- $724,909
- First ends
- Oct 2054
New loan
New conventional
$4,891/mo
+$38/mo- Down payment
- $63,000
- Funds due
- $75,631
- Interest + MI left
- $859,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $584,093 | $567,000 |
| Second mortgage | — | — |
| First P&I | $3,726.89 | $3,925.79 |
| Second P&I | — | — |
| Mortgage insurance | $274.52 | $113.40 |
| Taxes, insurance & HOA | $852.17 | $852.17 |
| Total housing payment | $4,853.57 | $4,891.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,907
Closing costs & prepaids$15,035
Usable credit−$0
Total buyer cash needed$60,942
Earnest money paid−$0
Remaining funds due$60,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$1,771.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$203.23
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 11 moOf the original 30-year loan at 6.350%
Interest already paid$78,314Through Nov 2026
Assumption only · ends Oct 2054$724,909
New conventional · ends Dec 2056$859,894