Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,169/mo
+$203/mo- Down payment
- $21,552
- Funds due
- $33,328
- Interest + MI left
- $497,187
- First ends
- Jun 2054
New loan
New conventional
$2,966/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $49,569
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,348 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,534.60 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | $178.38 | $71.98 |
| Taxes, insurance & HOA | $456.00 | $456.00 |
| Total housing payment | $3,168.98 | $2,966.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,552
Closing costs & prepaids$11,775
Usable credit−$0
Total buyer cash needed$33,328
Earnest money paid−$0
Remaining funds due$33,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$633.45
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 6.79%
Interest already paid$65,201Through Dec 2026
Assumption only · ends Jun 2054$497,187
New conventional · ends Jan 2057$526,248