Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,508/mo
+$201/mo- Down payment
- $17,319
- Funds due
- $29,210
- Interest + MI left
- $542,919
- First ends
- Sep 2054
New loan
New conventional
$3,306/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,672
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,681 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,704.99 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $189.01 | $75.60 |
| Taxes, insurance & HOA | $613.50 | $613.50 |
| Total housing payment | $3,507.51 | $3,306.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,319
Closing costs & prepaids$11,891
Usable credit−$0
Total buyer cash needed$29,210
Earnest money paid−$0
Remaining funds due$29,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,322.50
Initial HOA (3 months)$68.01
Prepaid interest, first (1 days)$75.68
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$60,619Through Nov 2026
Assumption only · ends Sep 2054$542,919
New conventional · ends Dec 2056$573,262