Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,102/mo
+$91/mo- Down payment
- $43,859
- Funds due
- $55,633
- Interest + MI left
- $491,302
- First ends
- Mar 2054
New loan
New conventional
$3,011/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $51,089
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,141 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,520.67 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | $175.42 | $74.70 |
| Taxes, insurance & HOA | $406.00 | $406.00 |
| Total housing payment | $3,102.09 | $3,010.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,859
Closing costs & prepaids$11,774
Usable credit−$0
Total buyer cash needed$55,633
Earnest money paid−$0
Remaining funds due$55,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$631.45
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 6.9%
Interest already paid$71,592Through Dec 2026
Assumption only · ends Mar 2054$491,302
New conventional · ends Jan 2057$546,119