Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,645/mo
+$295/mo- Down payment
- $0
- Funds due
- $12,279
- Interest + MI left
- $512,066
- First ends
- Mar 2054
New loan
New conventional
$3,350/mo
Lowest payment- Down payment
- $39,999
- Funds due
- $50,077
- Interest + MI left
- $545,951
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,409 | $359,991 |
| Second mortgage | — | — |
| First P&I | $2,667.83 | $2,492.50 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $72.00 |
| Taxes, insurance & HOA | $785.75 | $785.75 |
| Total housing payment | $3,644.84 | $3,350.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,279
Usable credit−$0
Total buyer cash needed$12,279
Earnest money paid−$0
Remaining funds due$12,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,562.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$146.47
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 4 moOf the original 30-year loan at 6.610%
Interest already paid$72,488Through Nov 2026
Assumption only · ends Mar 2054$512,066
New conventional · ends Dec 2056$545,951