Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,440/mo
+$57/mo- Down payment
- $36,210
- Funds due
- $48,210
- Interest + MI left
- $552,642
- First ends
- Sep 2054
New loan
New conventional
$3,383/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,251
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,790 | $409,500 |
| Second mortgage | — | — |
| First P&I | $2,777.70 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | $196.69 | $81.90 |
| Taxes, insurance & HOA | $466.08 | $466.08 |
| Total housing payment | $3,440.48 | $3,383.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,210
Closing costs & prepaids$12,000
Usable credit−$0
Total buyer cash needed$48,210
Earnest money paid−$0
Remaining funds due$48,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$574.25
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$77.22
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 10 moOf the original 30-year loan at 6.730%
Interest already paid$61,869Through Nov 2026
Assumption only · ends Sep 2054$552,642
New conventional · ends Dec 2056$621,034