Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,825/mo
+$424/mo- Down payment
- $0
- Funds due
- $12,336
- Interest + MI left
- $555,626
- First ends
- May 2054
New loan
New conventional
$3,401/mo
Lowest payment- Down payment
- $40,300
- Funds due
- $50,428
- Interest + MI left
- $550,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $415,264 | $362,700 |
| Second mortgage | — | — |
| First P&I | $2,811.66 | $2,511.26 |
| Second P&I | — | — |
| Mortgage insurance | $195.67 | $72.54 |
| Taxes, insurance & HOA | $817.42 | $817.42 |
| Total housing payment | $3,824.74 | $3,401.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,336
Usable credit−$0
Total buyer cash needed$12,336
Earnest money paid−$0
Remaining funds due$12,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,030.00
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)$1,612.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$78.50
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 6 moOf the original 30-year loan at 6.900%
Interest already paid$72,700Through Nov 2026
Assumption only · ends May 2054$555,626
New conventional · ends Dec 2056$550,059