Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,741/mo
+$202/mo- Down payment
- $8,485
- Funds due
- $21,936
- Interest + MI left
- $423,489
- First ends
- Jun 2054
New loan
New conventional
$3,539/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $43,816
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,415 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,136.07 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | $148.96 | $58.48 |
| Taxes, insurance & HOA | $1,455.75 | $1,455.75 |
| Total housing payment | $3,740.77 | $3,538.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,485
Closing costs & prepaids$13,451
Usable credit−$0
Total buyer cash needed$21,936
Earnest money paid−$0
Remaining funds due$21,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$1,943.25
Initial HOA (3 months)$1,974.00
Prepaid interest, first (1 days)$59.64
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 7 moOf the original 30-year loan at 6.880%
Interest already paid$53,367Through Nov 2026
Assumption only · ends Jun 2054$423,489
New conventional · ends Dec 2056$443,459