Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,121/mo
+$574/mo- Down payment
- $12,241
- Funds due
- $25,371
- Interest + MI left
- $693,246
- First ends
- Feb 2054
New loan
New conventional
$3,547/mo
Lowest payment- Down payment
- $49,500
- Funds due
- $60,238
- Interest + MI left
- $651,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,759 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,453.55 | $3,017.97 |
| Second P&I | — | — |
| Mortgage insurance | $227.72 | $89.10 |
| Taxes, insurance & HOA | $439.67 | $439.67 |
| Total housing payment | $4,120.94 | $3,546.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,241
Closing costs & prepaids$13,130
Usable credit−$0
Total buyer cash needed$25,371
Earnest money paid−$0
Remaining funds due$25,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$885.63
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 2 moOf the original 30-year loan at 7.44%
Interest already paid$103,345Through Dec 2026
Assumption only · ends Feb 2054$693,246
New conventional · ends Jan 2057$651,395