Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
+$177/mo- Down payment
- $36,330
- Funds due
- $49,148
- Interest + MI left
- $560,363
- First ends
- May 2054
New loan
New conventional
$3,391/mo
Lowest payment- Down payment
- $45,800
- Funds due
- $56,374
- Interest + MI left
- $602,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,670 | $412,200 |
| Second mortgage | — | — |
| First P&I | $2,852.45 | $2,792.39 |
| Second P&I | — | — |
| Mortgage insurance | $198.91 | $82.44 |
| Taxes, insurance & HOA | $515.83 | $515.83 |
| Total housing payment | $3,567.19 | $3,390.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,330
Closing costs & prepaids$12,818
Usable credit−$0
Total buyer cash needed$49,148
Earnest money paid−$0
Remaining funds due$49,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$549.50
Initial HOA (3 months)$498.00
Prepaid interest, first (9 days)$715.34
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 6.88%
Interest already paid$76,107Through Dec 2026
Assumption only · ends May 2054$560,363
New conventional · ends Jan 2057$602,705