Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,352/mo
+$250/mo- Down payment
- $18,976
- Funds due
- $32,772
- Interest + MI left
- $707,025
- First ends
- Nov 2054
New loan
New conventional
$4,102/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,939
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $556,024 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,597.78 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | $261.16 | $103.50 |
| Taxes, insurance & HOA | $492.67 | $492.67 |
| Total housing payment | $4,351.60 | $4,101.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,976
Closing costs & prepaids$13,796
Usable credit−$0
Total buyer cash needed$32,772
Earnest money paid−$0
Remaining funds due$32,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$288.00
Prepaid interest, first (6 days)$593.19
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$76,169Through Dec 2026
Assumption only · ends Nov 2054$707,025
New conventional · ends Jan 2057$756,671