Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,004/mo
+$490/mo- Down payment
- $34,685
- Funds due
- $47,628
- Interest + MI left
- $671,358
- First ends
- Jan 2054
New loan
New conventional
$3,514/mo
Lowest payment- Down payment
- $48,000
- Funds due
- $58,593
- Interest + MI left
- $631,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,314 | $431,999 |
| Second mortgage | — | — |
| First P&I | $3,292.87 | $2,926.51 |
| Second P&I | — | — |
| Mortgage insurance | $209.85 | $86.40 |
| Taxes, insurance & HOA | $501.00 | $501.00 |
| Total housing payment | $4,003.72 | $3,513.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,685
Closing costs & prepaids$12,943
Usable credit−$0
Total buyer cash needed$47,628
Earnest money paid−$0
Remaining funds due$47,628
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.99
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)$576.00
Initial HOA (3 months)$426.99
Prepaid interest, first (7 days)$665.29
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 1 moOf the original 30-year loan at 7.79%
Interest already paid$102,699Through Dec 2026
Assumption only · ends Jan 2054$671,358
New conventional · ends Jan 2057$631,654