Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,192/mo
+$37/mo- Down payment
- $27,053
- Funds due
- $38,397
- Interest + MI left
- $514,039
- First ends
- Nov 2054
New loan
New conventional
$3,156/mo
Lowest payment- Down payment
- $42,990
- Funds due
- $52,111
- Interest + MI left
- $586,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,847 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,603.89 | $2,678.89 |
| Second P&I | — | — |
| Mortgage insurance | $189.01 | $77.38 |
| Taxes, insurance & HOA | $399.42 | $399.42 |
| Total housing payment | $3,192.32 | $3,155.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,053
Closing costs & prepaids$11,344
Usable credit−$0
Total buyer cash needed$38,397
Earnest money paid−$0
Remaining funds due$38,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$244.25
Initial HOA (3 months)$504.00
Prepaid interest, first (1 days)$71.63
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 closing28 yrOf the original 30-year loan at 6.490%
Interest already paid$52,948Through Nov 2026
Assumption only · ends Nov 2054$514,039
New conventional · ends Dec 2056$586,775