Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,964/mo
+$83/mo- Down payment
- $32,666
- Funds due
- $44,155
- Interest + MI left
- $463,073
- First ends
- Apr 2054
New loan
New conventional
$2,881/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $49,231
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,334 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,414.30 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | $173.26 | $71.82 |
| Taxes, insurance & HOA | $376.25 | $376.25 |
| Total housing payment | $2,963.81 | $2,880.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,666
Closing costs & prepaids$11,490
Usable credit−$0
Total buyer cash needed$44,155
Earnest money paid−$0
Remaining funds due$44,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$596.17
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 4 moOf the original 30-year loan at 6.6%
Interest already paid$65,566Through Dec 2026
Assumption only · ends Apr 2054$463,073
New conventional · ends Jan 2057$525,064