Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,467/mo
+$14/mo- Down payment
- $41,283
- Funds due
- $53,446
- Interest + MI left
- $531,076
- First ends
- Mar 2054
New loan
New conventional
$3,453/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,911
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,717 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,764.91 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $82.80 |
| Taxes, insurance & HOA | $504.08 | $504.08 |
| Total housing payment | $3,467.00 | $3,453.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,283
Closing costs & prepaids$12,163
Usable credit−$0
Total buyer cash needed$53,446
Earnest money paid−$0
Remaining funds due$53,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$717.25
Initial HOA (3 months)$294.99
Prepaid interest, first (1 days)$75.94
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 6.620%
Interest already paid$75,164Through Nov 2026
Assumption only · ends Mar 2054$531,076
New conventional · ends Dec 2056$627,859