Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,601/mo
+$1,455/mo- Down payment
- $0
- Funds due
- $11,642
- Interest + MI left
- $760,128
- First ends
- Jun 2054
New loan
New conventional
$3,146/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $50,367
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $562,423 | $369,000 |
| Second mortgage | — | — |
| First P&I | $3,818.88 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | $264.69 | $73.80 |
| Taxes, insurance & HOA | $517.59 | $517.59 |
| Total housing payment | $4,601.15 | $3,146.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,642
Usable credit−$0
Total buyer cash needed$11,642
Earnest money paid−$0
Remaining funds due$11,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,025.00
Initial HOA (3 months)$77.76
Prepaid interest, first (2 days)$213.87
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 7 moOf the original 30-year loan at 6.940%
Interest already paid$95,671Through Nov 2026
Assumption only · ends Jun 2054$760,128
New conventional · ends Dec 2056$559,613