Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,662/mo
+$86/mo- Down payment
- $29,332
- Funds due
- $42,013
- Interest + MI left
- $530,456
- First ends
- Oct 2054
New loan
New conventional
$3,576/mo
Lowest payment- Down payment
- $42,990
- Funds due
- $53,450
- Interest + MI left
- $586,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,568 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,654.14 | $2,678.89 |
| Second P&I | — | — |
| Mortgage insurance | $187.94 | $77.38 |
| Taxes, insurance & HOA | $819.75 | $819.75 |
| Total housing payment | $3,661.83 | $3,576.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,332
Closing costs & prepaids$12,681
Usable credit−$0
Total buyer cash needed$42,013
Earnest money paid−$0
Remaining funds due$42,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$1,270.25
Initial HOA (3 months)$738.99
Prepaid interest, first (2 days)$147.72
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 11 moOf the original 30-year loan at 6.730%
Interest already paid$56,870Through Nov 2026
Assumption only · ends Oct 2054$530,456
New conventional · ends Dec 2056$586,775