Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,099/mo
+$223/mo- Down payment
- $20,016
- Funds due
- $31,591
- Interest + MI left
- $496,381
- First ends
- Jul 2054
New loan
New conventional
$2,876/mo
Lowest payment- Down payment
- $39,150
- Funds due
- $48,528
- Interest + MI left
- $515,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,484 | $352,350 |
| Second mortgage | — | — |
| First P&I | $2,505.40 | $2,386.94 |
| Second P&I | — | — |
| Mortgage insurance | $174.89 | $70.47 |
| Taxes, insurance & HOA | $418.58 | $418.58 |
| Total housing payment | $3,098.87 | $2,875.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,016
Closing costs & prepaids$11,575
Usable credit−$0
Total buyer cash needed$31,591
Earnest money paid−$0
Remaining funds due$31,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,915.00
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)$469.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$629.28
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 7 moOf the original 30-year loan at 6.87%
Interest already paid$62,565Through Dec 2026
Assumption only · ends Jul 2054$496,381
New conventional · ends Jan 2057$515,194