Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,995/mo
+$275/mo- Down payment
- $42,594
- Funds due
- $57,647
- Interest + MI left
- $810,885
- First ends
- May 2054
New loan
New conventional
$4,720/mo
Lowest payment- Down payment
- $66,700
- Funds due
- $79,305
- Interest + MI left
- $877,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $624,406 | $600,300 |
| Second mortgage | — | — |
| First P&I | $4,167.09 | $4,066.64 |
| Second P&I | — | — |
| Mortgage insurance | $294.77 | $120.06 |
| Taxes, insurance & HOA | $533.50 | $533.50 |
| Total housing payment | $4,995.36 | $4,720.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,594
Closing costs & prepaids$15,053
Usable credit−$0
Total buyer cash needed$57,647
Earnest money paid−$0
Remaining funds due$57,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,670.00
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)$800.50
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$807.11
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 5 moOf the original 30-year loan at 6.74%
Interest already paid$110,450Through Dec 2026
Assumption only · ends May 2054$810,885
New conventional · ends Jan 2057$877,738