Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,780/mo
+$389/mo- Down payment
- $4,682
- Funds due
- $16,563
- Interest + MI left
- $618,715
- First ends
- Jul 2054
New loan
New conventional
$3,391/mo
Lowest payment- Down payment
- $44,999
- Funds due
- $54,625
- Interest + MI left
- $614,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,308 | $404,991 |
| Second mortgage | — | — |
| First P&I | $3,064.51 | $2,804.08 |
| Second P&I | — | — |
| Mortgage insurance | $209.21 | $81.00 |
| Taxes, insurance & HOA | $506.42 | $506.42 |
| Total housing payment | $3,780.14 | $3,391.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,682
Closing costs & prepaids$11,881
Usable credit−$0
Total buyer cash needed$16,563
Earnest money paid−$0
Remaining funds due$16,563
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$739.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$86.50
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 8 moOf the original 30-year loan at 7.090%
Interest already paid$74,650Through Nov 2026
Assumption only · ends Jul 2054$618,715
New conventional · ends Dec 2056$614,196