Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,543/mo
+$126/mo- Down payment
- $39,153
- Funds due
- $51,205
- Interest + MI left
- $589,112
- First ends
- Jul 2054
New loan
New conventional
$3,418/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $56,789
- Interest + MI left
- $641,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $430,847 | $423,000 |
| Second mortgage | — | — |
| First P&I | $2,936.67 | $2,928.77 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $84.60 |
| Taxes, insurance & HOA | $404.16 | $404.16 |
| Total housing payment | $3,543.34 | $3,417.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,153
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$51,205
Earnest money paid−$0
Remaining funds due$51,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$582.50
Initial HOA (3 months)$129.99
Prepaid interest, first (2 days)$165.02
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 6.990%
Interest already paid$71,225Through Nov 2026
Assumption only · ends Jul 2054$589,112
New conventional · ends Dec 2056$641,508