Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,833/mo
+$383/mo- Down payment
- $27,679
- Funds due
- $42,285
- Interest + MI left
- $777,175
- First ends
- Mar 2054
New loan
New conventional
$4,450/mo
Lowest payment- Down payment
- $62,250
- Funds due
- $74,427
- Interest + MI left
- $819,178
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $594,821 | $560,250 |
| Second mortgage | — | — |
| First P&I | $4,008.91 | $3,795.33 |
| Second P&I | — | — |
| Mortgage insurance | $281.27 | $112.05 |
| Taxes, insurance & HOA | $542.67 | $542.67 |
| Total housing payment | $4,832.84 | $4,450.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,679
Closing costs & prepaids$14,606
Usable credit−$0
Total buyer cash needed$42,285
Earnest money paid−$0
Remaining funds due$42,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,225.00
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)$747.00
Initial HOA (3 months)$381.00
Prepaid interest, first (7 days)$777.99
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$113,436Through Dec 2026
Assumption only · ends Mar 2054$777,175
New conventional · ends Jan 2057$819,178