Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,119/mo
+$229/mo- Down payment
- $24,478
- Funds due
- $37,824
- Interest + MI left
- $606,594
- First ends
- May 2054
New loan
New conventional
$3,890/mo
Lowest payment- Down payment
- $47,490
- Funds due
- $58,562
- Interest + MI left
- $648,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,422 | $427,410 |
| Second mortgage | — | — |
| First P&I | $3,061.46 | $2,959.30 |
| Second P&I | — | — |
| Mortgage insurance | $212.19 | $85.48 |
| Taxes, insurance & HOA | $845.33 | $845.33 |
| Total housing payment | $4,118.99 | $3,890.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,478
Closing costs & prepaids$13,346
Usable credit−$0
Total buyer cash needed$37,824
Earnest money paid−$0
Remaining funds due$37,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$2,017.25
Initial HOA (3 months)$18.75
Prepaid interest, first (1 days)$85.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.940%
Interest already paid$79,304Through Nov 2026
Assumption only · ends May 2054$606,594
New conventional · ends Dec 2056$648,196