Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,101/mo
+$170/mo- Down payment
- $19,640
- Funds due
- $30,731
- Interest + MI left
- $498,649
- First ends
- Jul 2054
New loan
New conventional
$2,930/mo
Lowest payment- Down payment
- $39,150
- Funds due
- $48,052
- Interest + MI left
- $534,362
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,860 | $352,350 |
| Second mortgage | — | — |
| First P&I | $2,505.40 | $2,439.60 |
| Second P&I | — | — |
| Mortgage insurance | $174.89 | $70.47 |
| Taxes, insurance & HOA | $420.25 | $420.25 |
| Total housing payment | $3,100.54 | $2,930.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,640
Closing costs & prepaids$11,091
Usable credit−$0
Total buyer cash needed$30,731
Earnest money paid−$0
Remaining funds due$30,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,915.00
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)$474.75
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$139.98
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 8 moOf the original 30-year loan at 6.870%
Interest already paid$60,436Through Nov 2026
Assumption only · ends Jul 2054$498,649
New conventional · ends Dec 2056$534,362