Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,303/mo
+$162/mo- Down payment
- $48,069
- Funds due
- $62,305
- Interest + MI left
- $681,053
- First ends
- May 2054
New loan
New conventional
$4,141/mo
Lowest payment- Down payment
- $56,990
- Funds due
- $68,893
- Interest + MI left
- $749,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $521,831 | $512,910 |
| Second mortgage | — | — |
| First P&I | $3,492.69 | $3,474.63 |
| Second P&I | — | — |
| Mortgage insurance | $246.31 | $102.58 |
| Taxes, insurance & HOA | $563.67 | $563.67 |
| Total housing payment | $4,302.66 | $4,140.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,069
Closing costs & prepaids$14,236
Usable credit−$0
Total buyer cash needed$62,305
Earnest money paid−$0
Remaining funds due$62,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$684.00
Initial HOA (3 months)$507.00
Prepaid interest, first (9 days)$871.10
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 5 moOf the original 30-year loan at 6.77%
Interest already paid$92,708Through Dec 2026
Assumption only · ends May 2054$681,053
New conventional · ends Jan 2057$749,959