Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,838/mo
+$304/mo- Down payment
- $40,179
- Funds due
- $54,814
- Interest + MI left
- $777,175
- First ends
- Mar 2054
New loan
New conventional
$4,534/mo
Lowest payment- Down payment
- $63,500
- Funds due
- $75,708
- Interest + MI left
- $835,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $594,821 | $571,500 |
| Second mortgage | — | — |
| First P&I | $4,008.91 | $3,871.54 |
| Second P&I | — | — |
| Mortgage insurance | $281.27 | $114.30 |
| Taxes, insurance & HOA | $547.67 | $547.67 |
| Total housing payment | $4,837.84 | $4,533.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,179
Closing costs & prepaids$14,635
Usable credit−$0
Total buyer cash needed$54,814
Earnest money paid−$0
Remaining funds due$54,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$762.00
Initial HOA (3 months)$381.00
Prepaid interest, first (6 days)$666.85
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$113,436Through Dec 2026
Assumption only · ends Mar 2054$777,175
New conventional · ends Jan 2057$835,628