Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,154/mo
+$482/mo- Down payment
- $20,312
- Funds due
- $35,160
- Interest + MI left
- $858,253
- First ends
- Jun 2054
New loan
New conventional
$4,672/mo
Lowest payment- Down payment
- $66,490
- Funds due
- $78,851
- Interest + MI left
- $874,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $644,588 | $598,410 |
| Second mortgage | — | — |
| First P&I | $4,351.74 | $4,053.84 |
| Second P&I | — | — |
| Mortgage insurance | $303.77 | $119.68 |
| Taxes, insurance & HOA | $498.67 | $498.67 |
| Total housing payment | $5,154.18 | $4,672.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,312
Closing costs & prepaids$14,848
Usable credit−$0
Total buyer cash needed$35,160
Earnest money paid−$0
Remaining funds due$35,160
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,649.00
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)$798.00
Initial HOA (3 months)$198.00
Prepaid interest, first (6 days)$727.94
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 6.87%
Interest already paid$112,366Through Dec 2026
Assumption only · ends Jun 2054$858,253
New conventional · ends Jan 2057$874,974