Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,735/mo
+$1,270/mo- Down payment
- $0
- Funds due
- $12,762
- Interest + MI left
- $796,005
- First ends
- Jun 2054
New loan
New conventional
$3,465/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $58,817
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $596,861 | $436,500 |
| Second mortgage | — | — |
| First P&I | $4,033.42 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | $281.26 | $87.30 |
| Taxes, insurance & HOA | $420.67 | $420.67 |
| Total housing payment | $4,735.35 | $3,464.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,762
Usable credit−$0
Total buyer cash needed$12,762
Earnest money paid−$0
Remaining funds due$12,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$675.03
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 6.88%
Interest already paid$104,195Through Dec 2026
Assumption only · ends Jun 2054$796,005
New conventional · ends Jan 2057$638,235