Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,472/mo
+$258/mo- Down payment
- $28,682
- Funds due
- $42,775
- Interest + MI left
- $694,372
- First ends
- Mar 2054
New loan
New conventional
$4,214/mo
Lowest payment- Down payment
- $57,995
- Funds due
- $69,727
- Interest + MI left
- $763,185
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $551,268 | $521,955 |
| Second mortgage | — | — |
| First P&I | $3,637.05 | $3,535.90 |
| Second P&I | — | — |
| Mortgage insurance | $261.01 | $104.39 |
| Taxes, insurance & HOA | $573.67 | $573.67 |
| Total housing payment | $4,471.73 | $4,213.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,682
Closing costs & prepaids$14,094
Usable credit−$0
Total buyer cash needed$42,775
Earnest money paid−$0
Remaining funds due$42,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.50
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)$696.00
Initial HOA (3 months)$525.00
Prepaid interest, first (6 days)$598.09
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 3 moOf the original 30-year loan at 6.6%
Interest already paid$101,808Through Dec 2026
Assumption only · ends Mar 2054$694,372
New conventional · ends Jan 2057$763,185