Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,885/mo
+$712/mo- Down payment
- $0
- Funds due
- $14,142
- Interest + MI left
- $832,220
- First ends
- Jul 2054
New loan
New conventional
$4,173/mo
Lowest payment- Down payment
- $58,500
- Funds due
- $70,167
- Interest + MI left
- $769,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $588,895 | $526,500 |
| Second mortgage | — | — |
| First P&I | $4,107.11 | $3,566.69 |
| Second P&I | — | — |
| Mortgage insurance | $276.77 | $105.30 |
| Taxes, insurance & HOA | $500.67 | $500.67 |
| Total housing payment | $4,884.55 | $4,172.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,142
Usable credit−$0
Total buyer cash needed$14,142
Earnest money paid−$0
Remaining funds due$14,142
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$815.42
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 7 moOf the original 30-year loan at 7.22%
Interest already paid$104,141Through Dec 2026
Assumption only · ends Jul 2054$832,220
New conventional · ends Jan 2057$769,830