Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,115/mo
+$238/mo- Down payment
- $42,576
- Funds due
- $56,271
- Interest + MI left
- $677,596
- First ends
- Jul 2054
New loan
New conventional
$3,877/mo
Lowest payment- Down payment
- $53,990
- Funds due
- $65,347
- Interest + MI left
- $710,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,324 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,393.13 | $3,291.72 |
| Second P&I | — | — |
| Mortgage insurance | $233.99 | $97.18 |
| Taxes, insurance & HOA | $487.67 | $487.67 |
| Total housing payment | $4,114.79 | $3,876.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,576
Closing costs & prepaids$13,694
Usable credit−$0
Total buyer cash needed$56,271
Earnest money paid−$0
Remaining funds due$56,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$857.17
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$85,195Through Dec 2026
Assumption only · ends Jul 2054$677,596
New conventional · ends Jan 2057$710,481