Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,070/mo
+$73/mo- Down payment
- $30,044
- Funds due
- $41,698
- Interest + MI left
- $428,090
- First ends
- May 2054
New loan
New conventional
$2,997/mo
Lowest payment- Down payment
- $34,999
- Funds due
- $44,510
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,946 | $314,991 |
| Second mortgage | — | — |
| First P&I | $2,166.28 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $63.00 |
| Taxes, insurance & HOA | $752.83 | $752.83 |
| Total housing payment | $3,069.87 | $2,996.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,044
Closing costs & prepaids$11,654
Usable credit−$0
Total buyer cash needed$41,698
Earnest money paid−$0
Remaining funds due$41,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$1,637.50
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$120.97
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 6 moOf the original 30-year loan at 6.900%
Interest already paid$56,013Through Nov 2026
Assumption only · ends May 2054$428,090
New conventional · ends Dec 2056$477,705