Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,407/mo
+$327/mo- Down payment
- $45,040
- Funds due
- $60,539
- Interest + MI left
- $850,745
- First ends
- Jul 2054
New loan
New conventional
$5,080/mo
Lowest payment- Down payment
- $64,490
- Funds due
- $77,542
- Interest + MI left
- $880,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $599,860 | $580,410 |
| Second mortgage | — | — |
| First P&I | $4,179.61 | $4,018.64 |
| Second P&I | — | — |
| Mortgage insurance | $281.65 | $116.08 |
| Taxes, insurance & HOA | $945.75 | $945.75 |
| Total housing payment | $5,407.01 | $5,080.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,040
Closing costs & prepaids$15,499
Usable credit−$0
Total buyer cash needed$60,539
Earnest money paid−$0
Remaining funds due$60,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,449.00
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)$2,037.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$237.31
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 8 moOf the original 30-year loan at 7.220%
Interest already paid$102,370Through Nov 2026
Assumption only · ends Jul 2054$850,745
New conventional · ends Dec 2056$880,231