Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,974/mo
+$57/mo- Down payment
- $34,656
- Funds due
- $45,513
- Interest + MI left
- $485,866
- First ends
- May 2054
New loan
New conventional
$2,918/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,157
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,344 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,478.58 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | $174.61 | $72.90 |
| Taxes, insurance & HOA | $320.92 | $320.92 |
| Total housing payment | $2,974.11 | $2,917.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,656
Closing costs & prepaids$10,857
Usable credit−$0
Total buyer cash needed$45,513
Earnest money paid−$0
Remaining funds due$45,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$512.75
Prepaid interest, first (1 days)$68.79
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$63,729Through Nov 2026
Assumption only · ends May 2054$485,866
New conventional · ends Dec 2056$552,789