Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,978/mo
+$118/mo- Down payment
- $39,220
- Funds due
- $52,197
- Interest + MI left
- $610,751
- First ends
- Mar 2054
New loan
New conventional
$3,860/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $61,178
- Interest + MI left
- $689,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $465,780 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,135.92 | $3,146.87 |
| Second P&I | — | — |
| Mortgage insurance | $220.02 | $90.90 |
| Taxes, insurance & HOA | $621.83 | $621.83 |
| Total housing payment | $3,977.77 | $3,859.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,220
Closing costs & prepaids$12,978
Usable credit−$0
Total buyer cash needed$52,197
Earnest money paid−$0
Remaining funds due$52,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$1,152.50
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$87.03
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$86,087Through Nov 2026
Assumption only · ends Mar 2054$610,751
New conventional · ends Dec 2056$689,280