Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,942/mo
+$241/mo- Down payment
- $48,800
- Funds due
- $61,858
- Interest + MI left
- $663,069
- First ends
- Jul 2054
New loan
New conventional
$3,700/mo
Lowest payment- Down payment
- $51,800
- Funds due
- $62,534
- Interest + MI left
- $681,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,200 | $466,200 |
| Second mortgage | — | — |
| First P&I | $3,272.33 | $3,158.20 |
| Second P&I | — | — |
| Mortgage insurance | $220.52 | $93.24 |
| Taxes, insurance & HOA | $448.83 | $448.83 |
| Total housing payment | $3,941.68 | $3,700.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,800
Closing costs & prepaids$13,058
Usable credit−$0
Total buyer cash needed$61,858
Earnest money paid−$0
Remaining funds due$61,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,180.00
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)$621.50
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$556.87
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 7 moOf the original 30-year loan at 7.22%
Interest already paid$82,974Through Dec 2026
Assumption only · ends Jul 2054$663,069
New conventional · ends Jan 2057$681,662