Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,387/mo
+$127/mo- Down payment
- $36,753
- Funds due
- $48,310
- Interest + MI left
- $553,468
- First ends
- Mar 2054
New loan
New conventional
$3,260/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,314
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,247 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,817.21 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | $195.06 | $81.00 |
| Taxes, insurance & HOA | $374.83 | $374.83 |
| Total housing payment | $3,387.11 | $3,259.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,753
Closing costs & prepaids$11,557
Usable credit−$0
Total buyer cash needed$48,310
Earnest money paid−$0
Remaining funds due$48,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$377.50
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$157.37
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 4 moOf the original 30-year loan at 6.950%
Interest already paid$77,804Through Nov 2026
Assumption only · ends Mar 2054$553,468
New conventional · ends Dec 2056$614,210