Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,046/mo
+$275/mo- Down payment
- $5,504
- Funds due
- $16,860
- Interest + MI left
- $482,729
- First ends
- Jun 2054
New loan
New conventional
$2,771/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $47,065
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,496 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,477.89 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | $176.18 | $68.22 |
| Taxes, insurance & HOA | $391.58 | $391.58 |
| Total housing payment | $3,045.65 | $2,770.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,504
Closing costs & prepaids$11,356
Usable credit−$0
Total buyer cash needed$16,860
Earnest money paid−$0
Remaining funds due$16,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$616.11
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 6.69%
Interest already paid$63,435Through Dec 2026
Assumption only · ends Jun 2054$482,729
New conventional · ends Jan 2057$498,745