Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,026/mo
+$5/mo- Down payment
- $37,302
- Funds due
- $48,845
- Interest + MI left
- $432,059
- First ends
- Apr 2054
New loan
New conventional
$3,021/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $46,385
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,698 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,220.33 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $157.06 | $66.60 |
| Taxes, insurance & HOA | $648.33 | $648.33 |
| Total housing payment | $3,025.72 | $3,020.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,302
Closing costs & prepaids$11,543
Usable credit−$0
Total buyer cash needed$48,845
Earnest money paid−$0
Remaining funds due$48,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$1,135.00
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$122.87
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 5 moOf the original 30-year loan at 6.740%
Interest already paid$58,850Through Nov 2026
Assumption only · ends Apr 2054$432,059
New conventional · ends Dec 2056$505,017