Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,821/mo
+$106/mo- Down payment
- $41,740
- Funds due
- $54,337
- Interest + MI left
- $609,825
- First ends
- May 2054
New loan
New conventional
$3,715/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,203
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,260 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,090.03 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | $215.48 | $89.82 |
| Taxes, insurance & HOA | $515.25 | $515.25 |
| Total housing payment | $3,820.76 | $3,714.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,740
Closing costs & prepaids$12,597
Usable credit−$0
Total buyer cash needed$54,337
Earnest money paid−$0
Remaining funds due$54,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$760.75
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$86.19
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$79,825Through Nov 2026
Assumption only · ends May 2054$609,825
New conventional · ends Dec 2056$681,090