Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,937/mo
+$417/mo- Down payment
- $8,794
- Funds due
- $21,745
- Interest + MI left
- $604,466
- First ends
- Jan 2054
New loan
New conventional
$3,520/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $57,159
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,206 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,119.73 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | $216.01 | $83.70 |
| Taxes, insurance & HOA | $601.67 | $601.67 |
| Total housing payment | $3,937.40 | $3,520.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,794
Closing costs & prepaids$12,951
Usable credit−$0
Total buyer cash needed$21,745
Earnest money paid−$0
Remaining funds due$21,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$747.00
Prepaid interest, first (6 days)$521.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 6.95%
Interest already paid$94,101Through Dec 2026
Assumption only · ends Jan 2054$604,466
New conventional · ends Jan 2057$611,916