Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,018/mo
+$297/mo- Down payment
- $20,333
- Funds due
- $33,880
- Interest + MI left
- $592,748
- First ends
- Mar 2054
New loan
New conventional
$3,722/mo
Lowest payment- Down payment
- $47,400
- Funds due
- $58,667
- Interest + MI left
- $623,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $453,667 | $426,600 |
| Second mortgage | — | — |
| First P&I | $3,057.57 | $2,889.94 |
| Second P&I | — | — |
| Mortgage insurance | $214.52 | $85.32 |
| Taxes, insurance & HOA | $746.25 | $746.25 |
| Total housing payment | $4,018.35 | $3,721.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,333
Closing costs & prepaids$13,547
Usable credit−$0
Total buyer cash needed$33,880
Earnest money paid−$0
Remaining funds due$33,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
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)$568.75
Initial HOA (3 months)$1,170.00
Prepaid interest, first (7 days)$593.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$86,517Through Dec 2026
Assumption only · ends Mar 2054$592,748
New conventional · ends Jan 2057$623,760