Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,025/mo
+$4/mo- Down payment
- $40,399
- Funds due
- $51,612
- Interest + MI left
- $476,675
- First ends
- Aug 2054
New loan
New conventional
$3,021/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $49,010
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,501 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,398.60 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $168.98 | $71.98 |
| Taxes, insurance & HOA | $457.50 | $457.50 |
| Total housing payment | $3,025.07 | $3,021.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,399
Closing costs & prepaids$11,213
Usable credit−$0
Total buyer cash needed$51,612
Earnest money paid−$0
Remaining funds due$51,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$649.50
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$66.78
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 9 moOf the original 30-year loan at 6.780%
Interest already paid$55,586Through Nov 2026
Assumption only · ends Aug 2054$476,675
New conventional · ends Dec 2056$545,828