Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,019/mo
+$233/mo- Down payment
- $9,456
- Funds due
- $20,249
- Interest + MI left
- $479,507
- First ends
- May 2054
New loan
New conventional
$2,786/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,524
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,544 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,429.70 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $169.43 | $66.42 |
| Taxes, insurance & HOA | $420.25 | $420.25 |
| Total housing payment | $3,019.38 | $2,786.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,456
Closing costs & prepaids$10,794
Usable credit−$0
Total buyer cash needed$20,249
Earnest money paid−$0
Remaining funds due$20,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$468.75
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$67.77
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 6 moOf the original 30-year loan at 6.880%
Interest already paid$62,766Through Nov 2026
Assumption only · ends May 2054$479,507
New conventional · ends Dec 2056$503,652