Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,000/mo
+$280/mo- Down payment
- $12,673
- Funds due
- $26,000
- Interest + MI left
- $601,342
- First ends
- Feb 2054
New loan
New conventional
$3,720/mo
Lowest payment- Down payment
- $49,999
- Funds due
- $61,039
- Interest + MI left
- $657,961
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $487,317 | $449,991 |
| Second mortgage | — | — |
| First P&I | $3,187.43 | $3,048.40 |
| Second P&I | — | — |
| Mortgage insurance | $231.13 | $90.00 |
| Taxes, insurance & HOA | $581.67 | $581.67 |
| Total housing payment | $4,000.23 | $3,720.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,673
Closing costs & prepaids$13,327
Usable credit−$0
Total buyer cash needed$26,000
Earnest money paid−$0
Remaining funds due$26,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.90
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)$600.00
Initial HOA (3 months)$645.00
Prepaid interest, first (7 days)$607.48
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$91,404Through Dec 2026
Assumption only · ends Feb 2054$601,342
New conventional · ends Jan 2057$657,961