Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,108/mo
+$294/mo- Down payment
- $19,774
- Funds due
- $33,027
- Interest + MI left
- $655,686
- First ends
- Apr 2054
New loan
New conventional
$3,813/mo
Lowest payment- Down payment
- $53,500
- Funds due
- $64,424
- Interest + MI left
- $704,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $515,226 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,408.83 | $3,261.85 |
| Second P&I | — | — |
| Mortgage insurance | $243.63 | $96.30 |
| Taxes, insurance & HOA | $455.34 | $455.34 |
| Total housing payment | $4,107.79 | $3,813.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,774
Closing costs & prepaids$13,253
Usable credit−$0
Total buyer cash needed$33,027
Earnest money paid−$0
Remaining funds due$33,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$224.01
Prepaid interest, first (6 days)$562.37
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$92,762Through Dec 2026
Assumption only · ends Apr 2054$655,686
New conventional · ends Jan 2057$704,033