Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,358/mo
+$186/mo- Down payment
- $31,191
- Funds due
- $43,251
- Interest + MI left
- $556,867
- First ends
- Sep 2054
New loan
New conventional
$3,171/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $54,323
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,809 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,785.23 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $194.42 | $80.10 |
| Taxes, insurance & HOA | $378.00 | $378.00 |
| Total housing payment | $3,357.65 | $3,171.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,191
Closing costs & prepaids$12,060
Usable credit−$0
Total buyer cash needed$43,251
Earnest money paid−$0
Remaining funds due$43,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$700.98
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 6.87%
Interest already paid$64,817Through Dec 2026
Assumption only · ends Sep 2054$556,867
New conventional · ends Jan 2057$585,597