Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,208/mo
+$384/mo- Down payment
- $10,952
- Funds due
- $23,836
- Interest + MI left
- $690,079
- First ends
- Jun 2054
New loan
New conventional
$3,824/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,063
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,048 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,448.93 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | $237.12 | $92.70 |
| Taxes, insurance & HOA | $521.75 | $521.75 |
| Total housing payment | $4,207.81 | $3,823.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,952
Closing costs & prepaids$12,884
Usable credit−$0
Total buyer cash needed$23,836
Earnest money paid−$0
Remaining funds due$23,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$864.25
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$193.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 7.020%
Interest already paid$86,711Through Nov 2026
Assumption only · ends Jun 2054$690,079
New conventional · ends Dec 2056$702,929