Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,636/mo
+$321/mo- Down payment
- $18,447
- Funds due
- $30,335
- Interest + MI left
- $609,921
- First ends
- May 2054
New loan
New conventional
$3,314/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,128
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,553 | $409,500 |
| Second mortgage | — | — |
| First P&I | $3,033.14 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | $205.42 | $81.90 |
| Taxes, insurance & HOA | $397.25 | $397.25 |
| Total housing payment | $3,635.81 | $3,314.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,447
Closing costs & prepaids$11,888
Usable credit−$0
Total buyer cash needed$30,335
Earnest money paid−$0
Remaining funds due$30,335
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$421.75
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$171.51
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 6 moOf the original 30-year loan at 7.170%
Interest already paid$79,361Through Nov 2026
Assumption only · ends May 2054$609,921
New conventional · ends Dec 2056$621,034