Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,185/mo
+$460/mo- Down payment
- $818
- Funds due
- $14,051
- Interest + MI left
- $675,059
- First ends
- Apr 2054
New loan
New conventional
$3,725/mo
Lowest payment- Down payment
- $51,990
- Funds due
- $62,873
- Interest + MI left
- $684,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,082 | $467,910 |
| Second mortgage | — | — |
| First P&I | $3,477.95 | $3,169.79 |
| Second P&I | — | — |
| Mortgage insurance | $245.27 | $93.58 |
| Taxes, insurance & HOA | $461.67 | $461.67 |
| Total housing payment | $4,184.88 | $3,725.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$818
Closing costs & prepaids$13,233
Usable credit−$0
Total buyer cash needed$14,051
Earnest money paid−$0
Remaining funds due$14,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$624.00
Initial HOA (3 months)$261.00
Prepaid interest, first (7 days)$673.95
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 4 moOf the original 30-year loan at 6.77%
Interest already paid$95,249Through Dec 2026
Assumption only · ends Apr 2054$675,059
New conventional · ends Jan 2057$684,162