Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,137/mo
+$131/mo- Down payment
- $33,275
- Funds due
- $47,165
- Interest + MI left
- $575,842
- First ends
- Jul 2054
New loan
New conventional
$4,006/mo
Lowest payment- Down payment
- $46,200
- Funds due
- $57,835
- Interest + MI left
- $630,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $428,725 | $415,800 |
| Second mortgage | — | — |
| First P&I | $2,891.33 | $2,878.92 |
| Second P&I | — | — |
| Mortgage insurance | $201.62 | $83.16 |
| Taxes, insurance & HOA | $1,044.33 | $1,044.33 |
| Total housing payment | $4,137.28 | $4,006.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,275
Closing costs & prepaids$13,890
Usable credit−$0
Total buyer cash needed$47,165
Earnest money paid−$0
Remaining funds due$47,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,620.00
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)$2,318.00
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$161.62
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 6.880%
Interest already paid$69,778Through Nov 2026
Assumption only · ends Jul 2054$575,842
New conventional · ends Dec 2056$630,589