Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,243/mo
+$212/mo- Down payment
- $27,618
- Funds due
- $39,459
- Interest + MI left
- $516,771
- First ends
- Mar 2054
New loan
New conventional
$3,031/mo
Lowest payment- Down payment
- $41,800
- Funds due
- $51,425
- Interest + MI left
- $550,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,382 | $376,200 |
| Second mortgage | — | — |
| First P&I | $2,651.35 | $2,548.51 |
| Second P&I | — | — |
| Mortgage insurance | $184.51 | $75.24 |
| Taxes, insurance & HOA | $407.17 | $407.17 |
| Total housing payment | $3,243.03 | $3,030.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,618
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$39,459
Earnest money paid−$0
Remaining funds due$39,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$664.18
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$75,303Through Dec 2026
Assumption only · ends Mar 2054$516,771
New conventional · ends Jan 2057$550,067