Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,646/mo
+$78/mo- Down payment
- $34,805
- Funds due
- $47,431
- Interest + MI left
- $517,126
- First ends
- Jun 2054
New loan
New conventional
$3,568/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,907
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,194 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,618.88 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $183.74 | $76.50 |
| Taxes, insurance & HOA | $843.00 | $843.00 |
| Total housing payment | $3,645.62 | $3,567.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,805
Closing costs & prepaids$12,627
Usable credit−$0
Total buyer cash needed$47,431
Earnest money paid−$0
Remaining funds due$47,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$1,554.00
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$72.91
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$65,247Through Nov 2026
Assumption only · ends Jun 2054$517,126
New conventional · ends Dec 2056$580,085