Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,167/mo
+$204/mo- Down payment
- $17,058
- Funds due
- $28,100
- Interest + MI left
- $510,712
- First ends
- May 2054
New loan
New conventional
$2,963/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,843
- 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 | $382,942 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,587.82 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $180.46 | $72.00 |
| Taxes, insurance & HOA | $398.25 | $398.25 |
| Total housing payment | $3,166.52 | $2,962.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,058
Closing costs & prepaids$11,042
Usable credit−$0
Total buyer cash needed$28,100
Earnest money paid−$0
Remaining funds due$28,100
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)$486.75
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$72.18
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 6.880%
Interest already paid$66,851Through Nov 2026
Assumption only · ends May 2054$510,712
New conventional · ends Dec 2056$545,964