Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,087/mo
+$160/mo- Down payment
- $31,714
- Funds due
- $45,041
- Interest + MI left
- $619,573
- First ends
- Sep 2054
New loan
New conventional
$3,927/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,941
- Interest + MI left
- $667,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,286 | $440,100 |
| Second mortgage | — | — |
| First P&I | $3,080.77 | $3,047.16 |
| Second P&I | — | — |
| Mortgage insurance | $214.62 | $88.02 |
| Taxes, insurance & HOA | $791.92 | $791.92 |
| Total housing payment | $4,087.30 | $3,927.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,714
Closing costs & prepaids$13,327
Usable credit−$0
Total buyer cash needed$45,041
Earnest money paid−$0
Remaining funds due$45,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$1,530.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$86.32
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 10 moOf the original 30-year loan at 6.890%
Interest already paid$69,135Through Nov 2026
Assumption only · ends Sep 2054$619,573
New conventional · ends Dec 2056$667,441