Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,256/mo
+$75/mo- Down payment
- $43,805
- Funds due
- $55,054
- Interest + MI left
- $542,684
- First ends
- Mar 2054
New loan
New conventional
$3,181/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $53,905
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,195 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,762.32 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $80.82 |
| Taxes, insurance & HOA | $302.42 | $302.42 |
| Total housing payment | $3,256.00 | $3,181.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,805
Closing costs & prepaids$11,249
Usable credit−$0
Total buyer cash needed$55,054
Earnest money paid−$0
Remaining funds due$55,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$316.25
Initial HOA (3 months)$141.00
Prepaid interest, first (1 days)$77.15
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 4 moOf the original 30-year loan at 6.950%
Interest already paid$76,288Through Nov 2026
Assumption only · ends Mar 2054$542,684
New conventional · ends Dec 2056$612,845