Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,671/mo
+$12/mo- Down payment
- $48,326
- Funds due
- $60,738
- Interest + MI left
- $590,496
- First ends
- Mar 2054
New loan
New conventional
$3,659/mo
Lowest payment- Down payment
- $51,000
- Funds due
- $61,120
- Interest + MI left
- $696,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,673 | $458,999 |
| Second mortgage | — | — |
| First P&I | $3,063.44 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | $218.27 | $91.80 |
| Taxes, insurance & HOA | $389.50 | $389.50 |
| Total housing payment | $3,671.21 | $3,659.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,326
Closing costs & prepaids$12,412
Usable credit−$0
Total buyer cash needed$60,738
Earnest money paid−$0
Remaining funds due$60,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,099.99
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)$602.50
Initial HOA (3 months)$66.00
Prepaid interest, first (2 days)$168.73
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 4 moOf the original 30-year loan at 6.670%
Interest already paid$83,488Through Nov 2026
Assumption only · ends Mar 2054$590,496
New conventional · ends Dec 2056$696,103