Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,318/mo
+$299/mo- Down payment
- $4,328
- Funds due
- $15,395
- Interest + MI left
- $539,671
- First ends
- Mar 2054
New loan
New conventional
$3,019/mo
Lowest payment- Down payment
- $41,590
- Funds due
- $50,440
- Interest + MI left
- $567,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,572 | $374,310 |
| Second mortgage | — | — |
| First P&I | $2,770.96 | $2,591.65 |
| Second P&I | — | — |
| Mortgage insurance | $194.41 | $74.86 |
| Taxes, insurance & HOA | $352.16 | $352.16 |
| Total housing payment | $3,317.53 | $3,018.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,328
Closing costs & prepaids$11,067
Usable credit−$0
Total buyer cash needed$15,395
Earnest money paid−$0
Remaining funds due$15,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,159.00
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)$356.50
Initial HOA (3 months)$249.99
Prepaid interest, first (1 days)$76.90
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$76,068Through Nov 2026
Assumption only · ends Mar 2054$539,671
New conventional · ends Dec 2056$567,666