Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,030/mo
+$134/mo- Down payment
- $18,486
- Funds due
- $29,325
- Interest + MI left
- $488,976
- First ends
- May 2054
New loan
New conventional
$2,896/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,642
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,514 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,518.75 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $72.00 |
| Taxes, insurance & HOA | $331.50 | $331.50 |
| Total housing payment | $3,030.26 | $2,896.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,486
Closing costs & prepaids$10,839
Usable credit−$0
Total buyer cash needed$29,325
Earnest money paid−$0
Remaining funds due$29,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$364.50
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$69.40
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 6.640%
Interest already paid$64,321Through Nov 2026
Assumption only · ends May 2054$488,976
New conventional · ends Dec 2056$545,964