Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,218/mo
+$138/mo- Down payment
- $34,782
- Funds due
- $46,699
- Interest + MI left
- $515,325
- First ends
- Jun 2054
New loan
New conventional
$3,080/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,213
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,218 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,621.73 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | $183.94 | $76.50 |
| Taxes, insurance & HOA | $412.00 | $412.00 |
| Total housing payment | $3,217.68 | $3,079.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,782
Closing costs & prepaids$11,917
Usable credit−$0
Total buyer cash needed$46,699
Earnest money paid−$0
Remaining funds due$46,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$656.21
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 6.82%
Interest already paid$67,538Through Dec 2026
Assumption only · ends Jun 2054$515,325
New conventional · ends Jan 2057$559,278