Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,785/mo
+$391/mo- Down payment
- $10,121
- Funds due
- $22,912
- Interest + MI left
- $608,769
- First ends
- Mar 2054
New loan
New conventional
$3,395/mo
Lowest payment- Down payment
- $47,000
- Funds due
- $57,488
- Interest + MI left
- $618,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $459,879 | $423,000 |
| Second mortgage | — | — |
| First P&I | $3,123.35 | $2,865.55 |
| Second P&I | — | — |
| Mortgage insurance | $217.36 | $84.60 |
| Taxes, insurance & HOA | $444.67 | $444.67 |
| Total housing payment | $3,785.38 | $3,394.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,121
Closing costs & prepaids$12,791
Usable credit−$0
Total buyer cash needed$22,912
Earnest money paid−$0
Remaining funds due$22,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$782.42
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 3 moOf the original 30-year loan at 6.9%
Interest already paid$88,709Through Dec 2026
Assumption only · ends Mar 2054$608,769
New conventional · ends Jan 2057$618,496