Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,807/mo
+$155/mo- Down payment
- $24,624
- Funds due
- $37,026
- Interest + MI left
- $605,082
- First ends
- Apr 2054
New loan
New conventional
$3,653/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,107
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $475,376 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,135.65 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | $224.57 | $90.00 |
| Taxes, insurance & HOA | $446.84 | $446.84 |
| Total housing payment | $3,807.06 | $3,652.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,624
Closing costs & prepaids$12,402
Usable credit−$0
Total buyer cash needed$37,026
Earnest money paid−$0
Remaining funds due$37,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$646.50
Initial HOA (3 months)$194.01
Prepaid interest, first (1 days)$86.22
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 5 moOf the original 30-year loan at 6.620%
Interest already paid$82,620Through Nov 2026
Assumption only · ends Apr 2054$605,082
New conventional · ends Dec 2056$682,455