Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,262/mo
+$224/mo- Down payment
- $34,228
- Funds due
- $46,098
- Interest + MI left
- $537,157
- First ends
- Jun 2054
New loan
New conventional
$3,038/mo
Lowest payment- Down payment
- $41,870
- Funds due
- $51,509
- Interest + MI left
- $550,988
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,472 | $376,830 |
| Second mortgage | — | — |
| First P&I | $2,671.29 | $2,552.78 |
| Second P&I | — | — |
| Mortgage insurance | $180.91 | $75.37 |
| Taxes, insurance & HOA | $409.50 | $409.50 |
| Total housing payment | $3,261.70 | $3,037.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,228
Closing costs & prepaids$11,870
Usable credit−$0
Total buyer cash needed$46,098
Earnest money paid−$0
Remaining funds due$46,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,187.00
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)$502.50
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$679.73
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 6 moOf the original 30-year loan at 7.17%
Interest already paid$69,893Through Dec 2026
Assumption only · ends Jun 2054$537,157
New conventional · ends Jan 2057$550,988