Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,871/mo
+$288/mo- Down payment
- $39,038
- Funds due
- $51,465
- Interest + MI left
- $642,727
- First ends
- Feb 2054
New loan
New conventional
$3,583/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $58,638
- Interest + MI left
- $661,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,962 | $436,500 |
| Second mortgage | — | — |
| First P&I | $3,187.30 | $3,022.24 |
| Second P&I | — | — |
| Mortgage insurance | $210.16 | $87.30 |
| Taxes, insurance & HOA | $473.58 | $473.58 |
| Total housing payment | $3,871.04 | $3,583.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,038
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$51,465
Earnest money paid−$0
Remaining funds due$51,465
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)$509.75
Initial HOA (3 months)$411.00
Prepaid interest, first (2 days)$181.81
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$92,612Through Nov 2026
Assumption only · ends Feb 2054$642,727
New conventional · ends Dec 2056$661,982