Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,244/mo
+$76/mo- Down payment
- $50,876
- Funds due
- $64,188
- Interest + MI left
- $699,914
- First ends
- Sep 2054
New loan
New conventional
$4,168/mo
Lowest payment- Down payment
- $57,000
- Funds due
- $67,949
- Interest + MI left
- $777,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,124 | $513,000 |
| Second mortgage | — | — |
| First P&I | $3,487.19 | $3,551.91 |
| Second P&I | — | — |
| Mortgage insurance | $243.67 | $102.60 |
| Taxes, insurance & HOA | $513.42 | $513.42 |
| Total housing payment | $4,244.28 | $4,167.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,876
Closing costs & prepaids$13,313
Usable credit−$0
Total buyer cash needed$64,188
Earnest money paid−$0
Remaining funds due$64,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$680.25
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$97.57
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$78,148Through Nov 2026
Assumption only · ends Sep 2054$699,914
New conventional · ends Dec 2056$777,999