Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,551/mo
+$357/mo- Down payment
- $2,290
- Funds due
- $14,638
- Interest + MI left
- $545,031
- First ends
- May 2054
New loan
New conventional
$3,195/mo
Lowest payment- Down payment
- $41,990
- Funds due
- $52,090
- Interest + MI left
- $552,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,610 | $377,910 |
| Second mortgage | — | — |
| First P&I | $2,795.12 | $2,560.09 |
| Second P&I | — | — |
| Mortgage insurance | $197.11 | $75.58 |
| Taxes, insurance & HOA | $559.00 | $559.00 |
| Total housing payment | $3,551.23 | $3,194.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,290
Closing costs & prepaids$12,348
Usable credit−$0
Total buyer cash needed$14,638
Earnest money paid−$0
Remaining funds due$14,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$504.00
Initial HOA (3 months)$723.00
Prepaid interest, first (9 days)$697.12
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 5 moOf the original 30-year loan at 6.77%
Interest already paid$74,192Through Dec 2026
Assumption only · ends May 2054$545,031
New conventional · ends Jan 2057$552,567