Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,787/mo
+$103/mo- Down payment
- $28,877
- Funds due
- $41,762
- Interest + MI left
- $541,398
- First ends
- Oct 2054
New loan
New conventional
$3,684/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $54,154
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $406,123 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,701.52 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | $190.51 | $78.30 |
| Taxes, insurance & HOA | $894.75 | $894.75 |
| Total housing payment | $3,786.79 | $3,683.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,877
Closing costs & prepaids$12,885
Usable credit−$0
Total buyer cash needed$41,762
Earnest money paid−$0
Remaining funds due$41,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$1,949.25
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$75.33
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 6.770%
Interest already paid$57,996Through Nov 2026
Assumption only · ends Oct 2054$541,398
New conventional · ends Dec 2056$593,736