Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,057/mo
Lowest payment- Down payment
- $42,546
- Funds due
- $54,231
- Interest + MI left
- $440,296
- First ends
- Oct 2054
New loan
New conventional
$3,150/mo
+$94/mo- Down payment
- $39,000
- Funds due
- $48,505
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,454 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,243.74 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $163.21 | $70.20 |
| Taxes, insurance & HOA | $649.58 | $649.58 |
| Total housing payment | $3,056.54 | $3,150.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,546
Closing costs & prepaids$11,685
Usable credit−$0
Total buyer cash needed$54,231
Earnest money paid−$0
Remaining funds due$54,231
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$1,093.75
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$61.59
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 6.470%
Interest already paid$47,453Through Nov 2026
Assumption only · ends Oct 2054$440,296
New conventional · ends Dec 2056$532,315