Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,431/mo
+$118/mo- Down payment
- $36,639
- Funds due
- $49,228
- Interest + MI left
- $550,135
- First ends
- Sep 2054
New loan
New conventional
$3,313/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,865
- Interest + MI left
- $598,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,361 | $409,500 |
| Second mortgage | — | — |
| First P&I | $2,777.70 | $2,774.10 |
| Second P&I | — | — |
| Mortgage insurance | $196.69 | $81.90 |
| Taxes, insurance & HOA | $456.67 | $456.67 |
| Total housing payment | $3,431.06 | $3,312.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,639
Closing costs & prepaids$12,589
Usable credit−$0
Total buyer cash needed$49,228
Earnest money paid−$0
Remaining funds due$49,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$546.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$694.25
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 9 moOf the original 30-year loan at 6.73%
Interest already paid$64,217Through Dec 2026
Assumption only · ends Sep 2054$550,135
New conventional · ends Jan 2057$598,757