Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
+$184/mo- Down payment
- $29,897
- Funds due
- $41,222
- Interest + MI left
- $519,222
- First ends
- Jul 2054
New loan
New conventional
$3,021/mo
Lowest payment- Down payment
- $39,600
- Funds due
- $48,729
- Interest + MI left
- $540,505
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,103 | $356,400 |
| Second mortgage | — | — |
| First P&I | $2,550.87 | $2,467.64 |
| Second P&I | — | — |
| Mortgage insurance | $171.90 | $71.28 |
| Taxes, insurance & HOA | $481.67 | $481.67 |
| Total housing payment | $3,204.44 | $3,020.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,897
Closing costs & prepaids$11,325
Usable credit−$0
Total buyer cash needed$41,222
Earnest money paid−$0
Remaining funds due$41,222
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,960.00
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)$800.00
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$144.84
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 8 moOf the original 30-year loan at 7.220%
Interest already paid$62,478Through Nov 2026
Assumption only · ends Jul 2054$519,222
New conventional · ends Dec 2056$540,505