Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
+$253/mo- Down payment
- $6,764
- Funds due
- $17,692
- Interest + MI left
- $494,557
- First ends
- Sep 2054
New loan
New conventional
$2,834/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $45,757
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,236 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,454.28 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | $170.45 | $66.60 |
| Taxes, insurance & HOA | $461.58 | $461.58 |
| Total housing payment | $3,086.32 | $2,833.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,764
Closing costs & prepaids$10,929
Usable credit−$0
Total buyer cash needed$17,692
Earnest money paid−$0
Remaining funds due$17,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$637.75
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$68.87
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$55,152Through Nov 2026
Assumption only · ends Sep 2054$494,557
New conventional · ends Dec 2056$505,017