Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,521/mo
+$282/mo- Down payment
- $18,863
- Funds due
- $31,117
- Interest + MI left
- $573,815
- First ends
- Jul 2054
New loan
New conventional
$3,239/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,893
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $430,137 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,898.17 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $80.82 |
| Taxes, insurance & HOA | $420.58 | $420.58 |
| Total housing payment | $3,521.27 | $3,238.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,863
Closing costs & prepaids$12,254
Usable credit−$0
Total buyer cash needed$31,117
Earnest money paid−$0
Remaining funds due$31,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$727.58
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 6.86%
Interest already paid$72,340Through Dec 2026
Assumption only · ends Jul 2054$573,815
New conventional · ends Jan 2057$590,861