Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,878/mo
+$508/mo- Down payment
- $26,235
- Funds due
- $38,851
- Interest + MI left
- $643,421
- First ends
- Jan 2054
New loan
New conventional
$3,371/mo
Lowest payment- Down payment
- $45,490
- Funds due
- $55,788
- Interest + MI left
- $598,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $428,665 | $409,410 |
| Second mortgage | — | — |
| First P&I | $3,161.11 | $2,773.49 |
| Second P&I | — | — |
| Mortgage insurance | $202.04 | $81.88 |
| Taxes, insurance & HOA | $515.34 | $515.34 |
| Total housing payment | $3,878.49 | $3,370.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,235
Closing costs & prepaids$12,617
Usable credit−$0
Total buyer cash needed$38,851
Earnest money paid−$0
Remaining funds due$38,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.00
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)$546.00
Initial HOA (3 months)$500.01
Prepaid interest, first (6 days)$546.81
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 1 moOf the original 30-year loan at 7.76%
Interest already paid$98,487Through Dec 2026
Assumption only · ends Jan 2054$643,421
New conventional · ends Jan 2057$598,625