Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,377/mo
+$226/mo- Down payment
- $51,071
- Funds due
- $65,328
- Interest + MI left
- $714,747
- First ends
- Jun 2054
New loan
New conventional
$4,151/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $69,391
- 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 | $523,929 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,588.53 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | $246.72 | $103.50 |
| Taxes, insurance & HOA | $541.67 | $541.67 |
| Total housing payment | $4,376.92 | $4,150.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,071
Closing costs & prepaids$14,257
Usable credit−$0
Total buyer cash needed$65,328
Earnest money paid−$0
Remaining funds due$65,328
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)$435.00
Prepaid interest, first (9 days)$906.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.02%
Interest already paid$93,289Through Dec 2026
Assumption only · ends Jun 2054$714,747
New conventional · ends Jan 2057$756,671