Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
+$123/mo- Down payment
- $35,472
- Funds due
- $47,603
- Interest + MI left
- $564,159
- First ends
- Apr 2054
New loan
New conventional
$3,441/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,874
- Interest + MI left
- $627,857
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $424,527 | $413,999 |
| Second mortgage | — | — |
| First P&I | $2,871.77 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | $200.26 | $82.80 |
| Taxes, insurance & HOA | $491.83 | $491.83 |
| Total housing payment | $3,563.86 | $3,441.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,472
Closing costs & prepaids$12,131
Usable credit−$0
Total buyer cash needed$47,603
Earnest money paid−$0
Remaining funds due$47,603
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.99
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$705.50
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$80.02
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 5 moOf the original 30-year loan at 6.880%
Interest already paid$76,623Through Nov 2026
Assumption only · ends Apr 2054$564,159
New conventional · ends Dec 2056$627,857