Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,895/mo
+$353/mo- Down payment
- $39,460
- Funds due
- $52,595
- Interest + MI left
- $639,800
- First ends
- Feb 2054
New loan
New conventional
$3,542/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $59,306
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,540 | $436,500 |
| Second mortgage | — | — |
| First P&I | $3,187.30 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | $210.16 | $87.30 |
| Taxes, insurance & HOA | $497.67 | $497.67 |
| Total housing payment | $3,895.12 | $3,541.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,460
Closing costs & prepaids$13,135
Usable credit−$0
Total buyer cash needed$52,595
Earnest money paid−$0
Remaining funds due$52,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$817.35
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$95,377Through Dec 2026
Assumption only · ends Feb 2054$639,800
New conventional · ends Jan 2057$638,235