Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,518/mo
+$31/mo- Down payment
- $38,663
- Funds due
- $51,343
- Interest + MI left
- $478,748
- First ends
- Jun 2054
New loan
New conventional
$3,488/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $50,481
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,237 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,424.52 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $170.11 | $71.98 |
| Taxes, insurance & HOA | $923.59 | $923.59 |
| Total housing payment | $3,518.22 | $3,487.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,663
Closing costs & prepaids$12,680
Usable credit−$0
Total buyer cash needed$51,343
Earnest money paid−$0
Remaining funds due$51,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$2,156.75
Initial HOA (3 months)$164.01
Prepaid interest, first (2 days)$134.99
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$60,405Through Nov 2026
Assumption only · ends Jun 2054$478,748
New conventional · ends Dec 2056$545,828