Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,504/mo
+$808/mo- Down payment
- $0
- Funds due
- $13,029
- Interest + MI left
- $682,476
- First ends
- Aug 2054
New loan
New conventional
$3,696/mo
Lowest payment- Down payment
- $43,580
- Funds due
- $54,342
- Interest + MI left
- $594,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,805 | $392,220 |
| Second mortgage | — | — |
| First P&I | $3,371.50 | $2,715.65 |
| Second P&I | — | — |
| Mortgage insurance | $230.87 | $78.44 |
| Taxes, insurance & HOA | $901.83 | $901.83 |
| Total housing payment | $4,504.20 | $3,695.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$13,029
Earnest money paid−$0
Remaining funds due$13,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,358.00
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)$1,802.50
Initial HOA (3 months)$453.00
Prepaid interest, first (2 days)$190.25
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$79,128Through Nov 2026
Assumption only · ends Aug 2054$682,476
New conventional · ends Dec 2056$594,828