Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,659/mo
+$414/mo- Down payment
- $13,861
- Funds due
- $26,167
- Interest + MI left
- $607,151
- First ends
- May 2054
New loan
New conventional
$3,245/mo
Lowest payment- Down payment
- $44,999
- Funds due
- $55,001
- Interest + MI left
- $592,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,129 | $404,991 |
| Second mortgage | — | — |
| First P&I | $3,033.14 | $2,743.55 |
| Second P&I | — | — |
| Mortgage insurance | $205.42 | $81.00 |
| Taxes, insurance & HOA | $420.00 | $420.00 |
| Total housing payment | $3,658.56 | $3,244.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,861
Closing costs & prepaids$12,306
Usable credit−$0
Total buyer cash needed$26,167
Earnest money paid−$0
Remaining funds due$26,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$540.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$771.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.17%
Interest already paid$81,969Through Dec 2026
Assumption only · ends May 2054$607,151
New conventional · ends Jan 2057$592,164