Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,749/mo
+$264/mo- Down payment
- $18,382
- Funds due
- $31,001
- Interest + MI left
- $602,323
- First ends
- May 2054
New loan
New conventional
$3,485/mo
Lowest payment- Down payment
- $49,000
- Funds due
- $59,335
- Interest + MI left
- $644,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $471,618 | $441,000 |
| Second mortgage | — | — |
| First P&I | $3,116.95 | $2,987.49 |
| Second P&I | — | — |
| Mortgage insurance | $222.77 | $88.20 |
| Taxes, insurance & HOA | $409.67 | $409.67 |
| Total housing payment | $3,749.38 | $3,485.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,382
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$31,001
Earnest money paid−$0
Remaining funds due$31,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Initial HOA (3 months)$141.00
Prepaid interest, first (6 days)$514.77
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 5 moOf the original 30-year loan at 6.64%
Interest already paid$82,210Through Dec 2026
Assumption only · ends May 2054$602,323
New conventional · ends Jan 2057$644,815