Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,061/mo
+$156/mo- Down payment
- $30,858
- Funds due
- $43,698
- Interest + MI left
- $649,278
- First ends
- Apr 2054
New loan
New conventional
$3,904/mo
Lowest payment- Down payment
- $53,500
- Funds due
- $64,011
- Interest + MI left
- $730,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,142 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,348.18 | $3,333.81 |
| Second P&I | — | — |
| Mortgage insurance | $238.06 | $96.30 |
| Taxes, insurance & HOA | $474.33 | $474.33 |
| Total housing payment | $4,060.58 | $3,904.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,858
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$43,698
Earnest money paid−$0
Remaining funds due$43,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$635.00
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$92.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.690%
Interest already paid$88,528Through Nov 2026
Assumption only · ends Apr 2054$649,278
New conventional · ends Dec 2056$730,227