Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,365/mo
+$355/mo- Down payment
- $4,760
- Funds due
- $16,584
- Interest + MI left
- $537,184
- First ends
- Mar 2054
New loan
New conventional
$3,010/mo
Lowest payment- Down payment
- $41,590
- Funds due
- $51,170
- Interest + MI left
- $547,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,140 | $374,310 |
| Second mortgage | — | — |
| First P&I | $2,770.96 | $2,535.71 |
| Second P&I | — | — |
| Mortgage insurance | $194.41 | $74.86 |
| Taxes, insurance & HOA | $399.66 | $399.66 |
| Total housing payment | $3,365.03 | $3,010.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,760
Closing costs & prepaids$11,824
Usable credit−$0
Total buyer cash needed$16,584
Earnest money paid−$0
Remaining funds due$16,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,159.00
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)$499.00
Initial HOA (3 months)$249.99
Prepaid interest, first (9 days)$691.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.82%
Interest already paid$78,407Through Dec 2026
Assumption only · ends Mar 2054$537,184
New conventional · ends Jan 2057$547,303