Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,036/mo
+$35/mo- Down payment
- $43,474
- Funds due
- $54,488
- Interest + MI left
- $493,572
- First ends
- Mar 2054
New loan
New conventional
$3,000/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,304
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,526 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,520.67 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $175.42 | $74.70 |
| Taxes, insurance & HOA | $339.50 | $339.50 |
| Total housing payment | $3,035.59 | $3,000.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,474
Closing costs & prepaids$11,014
Usable credit−$0
Total buyer cash needed$54,488
Earnest money paid−$0
Remaining funds due$54,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$298.50
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$70.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.900%
Interest already paid$69,455Through Nov 2026
Assumption only · ends Mar 2054$493,572
New conventional · ends Dec 2056$566,438