Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,287/mo
+$166/mo- Down payment
- $34,155
- Funds due
- $45,499
- Interest + MI left
- $539,601
- First ends
- Jun 2054
New loan
New conventional
$3,121/mo
Lowest payment- Down payment
- $41,900
- Funds due
- $51,026
- Interest + MI left
- $571,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,844 | $377,099 |
| Second mortgage | — | — |
| First P&I | $2,671.29 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | $180.91 | $75.42 |
| Taxes, insurance & HOA | $434.42 | $434.42 |
| Total housing payment | $3,286.62 | $3,120.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,155
Closing costs & prepaids$11,344
Usable credit−$0
Total buyer cash needed$45,499
Earnest money paid−$0
Remaining funds due$45,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,189.99
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)$577.25
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$75.60
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 7 moOf the original 30-year loan at 7.170%
Interest already paid$67,593Through Nov 2026
Assumption only · ends Jun 2054$539,601
New conventional · ends Dec 2056$571,896