Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
+$200/mo- Down payment
- $41,646
- Funds due
- $54,455
- Interest + MI left
- $645,346
- First ends
- Sep 2054
New loan
New conventional
$3,613/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,000
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,354 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,210.79 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | $222.32 | $92.70 |
| Taxes, insurance & HOA | $380.84 | $380.84 |
| Total housing payment | $3,813.94 | $3,613.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,646
Closing costs & prepaids$12,808
Usable credit−$0
Total buyer cash needed$54,455
Earnest money paid−$0
Remaining funds due$54,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$24.51
Prepaid interest, first (6 days)$540.79
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$74,993Through Dec 2026
Assumption only · ends Sep 2054$645,346
New conventional · ends Jan 2057$677,714