Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,877/mo
Lowest payment- Down payment
- $39,344
- Funds due
- $50,316
- Interest + MI left
- $449,343
- First ends
- Apr 2054
New loan
New conventional
$2,890/mo
+$13/mo- Down payment
- $39,000
- Funds due
- $47,796
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,656 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,322.03 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $165.61 | $70.20 |
| Taxes, insurance & HOA | $389.58 | $389.58 |
| Total housing payment | $2,877.22 | $2,890.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,344
Closing costs & prepaids$10,972
Usable credit−$0
Total buyer cash needed$50,316
Earnest money paid−$0
Remaining funds due$50,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$408.75
Initial HOA (3 months)$309.99
Prepaid interest, first (2 days)$127.97
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 5 moOf the original 30-year loan at 6.660%
Interest already paid$61,305Through Nov 2026
Assumption only · ends Apr 2054$449,343
New conventional · ends Dec 2056$532,315