Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,089/mo
+$271/mo- Down payment
- $31,666
- Funds due
- $43,181
- Interest + MI left
- $500,068
- First ends
- Feb 2054
New loan
New conventional
$2,819/mo
Lowest payment- Down payment
- $37,990
- Funds due
- $47,291
- Interest + MI left
- $499,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,234 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,491.19 | $2,316.22 |
| Second P&I | — | — |
| Mortgage insurance | $164.26 | $68.38 |
| Taxes, insurance & HOA | $434.00 | $434.00 |
| Total housing payment | $3,089.45 | $2,818.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,666
Closing costs & prepaids$11,515
Usable credit−$0
Total buyer cash needed$43,181
Earnest money paid−$0
Remaining funds due$43,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$638.84
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 2 moOf the original 30-year loan at 7.44%
Interest already paid$74,547Through Dec 2026
Assumption only · ends Feb 2054$500,068
New conventional · ends Jan 2057$499,929