Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,791/mo
+$242/mo- Down payment
- $26,089
- Funds due
- $38,838
- Interest + MI left
- $614,375
- First ends
- Jun 2054
New loan
New conventional
$3,548/mo
Lowest payment- Down payment
- $49,750
- Funds due
- $60,208
- Interest + MI left
- $654,685
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $471,411 | $447,750 |
| Second mortgage | — | — |
| First P&I | $3,142.75 | $3,033.21 |
| Second P&I | — | — |
| Mortgage insurance | $222.31 | $89.55 |
| Taxes, insurance & HOA | $425.67 | $425.67 |
| Total housing payment | $3,790.73 | $3,548.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,089
Closing costs & prepaids$12,749
Usable credit−$0
Total buyer cash needed$38,838
Earnest money paid−$0
Remaining funds due$38,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,975.00
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)$597.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$522.30
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 6 moOf the original 30-year loan at 6.74%
Interest already paid$80,652Through Dec 2026
Assumption only · ends Jun 2054$614,375
New conventional · ends Jan 2057$654,685