Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,489/mo
Lowest payment- Down payment
- $45,759
- Funds due
- $58,291
- Interest + MI left
- $497,054
- First ends
- Oct 2054
New loan
New conventional
$3,516/mo
+$27/mo- Down payment
- $41,800
- Funds due
- $52,122
- Interest + MI left
- $570,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,241 | $376,200 |
| Second mortgage | — | — |
| First P&I | $2,478.57 | $2,604.73 |
| Second P&I | — | — |
| Mortgage insurance | $174.61 | $75.24 |
| Taxes, insurance & HOA | $836.08 | $836.08 |
| Total housing payment | $3,489.27 | $3,516.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,759
Closing costs & prepaids$12,532
Usable credit−$0
Total buyer cash needed$58,291
Earnest money paid−$0
Remaining funds due$58,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$1,887.25
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$69.15
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$53,235Through Nov 2026
Assumption only · ends Oct 2054$497,054
New conventional · ends Dec 2056$570,533