Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,983/mo
+$171/mo- Down payment
- $18,201
- Funds due
- $28,861
- Interest + MI left
- $500,893
- First ends
- May 2054
New loan
New conventional
$2,812/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,464
- Interest + MI left
- $545,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,798 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,555.24 | $2,492.56 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $72.00 |
| Taxes, insurance & HOA | $247.83 | $247.83 |
| Total housing payment | $2,983.08 | $2,812.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,201
Closing costs & prepaids$10,660
Usable credit−$0
Total buyer cash needed$28,861
Earnest money paid−$0
Remaining funds due$28,861
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$293.50
Prepaid interest, first (2 days)$141.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.780%
Interest already paid$65,700Through Nov 2026
Assumption only · ends May 2054$500,893
New conventional · ends Dec 2056$545,963