Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,468/mo
+$819/mo- Down payment
- $0
- Funds due
- $12,742
- Interest + MI left
- $727,473
- First ends
- Jun 2054
New loan
New conventional
$3,650/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,936
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $524,616 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,617.26 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | $246.70 | $85.50 |
| Taxes, insurance & HOA | $604.17 | $604.17 |
| Total housing payment | $4,468.13 | $3,649.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,742
Usable credit−$0
Total buyer cash needed$12,742
Earnest money paid−$0
Remaining funds due$12,742
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,297.00
Initial HOA (3 months)$15.51
Prepaid interest, first (2 days)$204.10
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 7 moOf the original 30-year loan at 7.100%
Interest already paid$91,259Through Nov 2026
Assumption only · ends Jun 2054$727,473
New conventional · ends Dec 2056$648,333