Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,111/mo
+$998/mo- Down payment
- $0
- Funds due
- $12,233
- Interest + MI left
- $689,998
- First ends
- Jul 2054
New loan
New conventional
$3,113/mo
Lowest payment- Down payment
- $42,490
- Funds due
- $52,304
- Interest + MI left
- $559,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,591 | $382,410 |
| Second mortgage | — | — |
| First P&I | $3,430.92 | $2,590.58 |
| Second P&I | — | — |
| Mortgage insurance | $233.99 | $76.48 |
| Taxes, insurance & HOA | $446.00 | $446.00 |
| Total housing payment | $4,110.91 | $3,113.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,233
Usable credit−$0
Total buyer cash needed$12,233
Earnest money paid−$0
Remaining funds due$12,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$871.12
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 7.1%
Interest already paid$86,558Through Dec 2026
Assumption only · ends Jul 2054$689,998
New conventional · ends Jan 2057$559,147