Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,314/mo
+$832/mo- Down payment
- $0
- Funds due
- $12,709
- Interest + MI left
- $714,989
- First ends
- Jun 2054
New loan
New conventional
$3,482/mo
Lowest payment- Down payment
- $48,900
- Funds due
- $59,232
- Interest + MI left
- $643,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $544,090 | $440,100 |
| Second mortgage | — | — |
| First P&I | $3,644.94 | $2,981.39 |
| Second P&I | — | — |
| Mortgage insurance | $256.52 | $88.02 |
| Taxes, insurance & HOA | $412.25 | $412.25 |
| Total housing payment | $4,313.70 | $3,481.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$12,709
Earnest money paid−$0
Remaining funds due$12,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$586.75
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$607.29
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 6 moOf the original 30-year loan at 6.79%
Interest already paid$93,763Through Dec 2026
Assumption only · ends Jun 2054$714,989
New conventional · ends Jan 2057$643,499