Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,195/mo
+$352/mo- Down payment
- $2,661
- Funds due
- $14,180
- Interest + MI left
- $516,442
- First ends
- Jun 2054
New loan
New conventional
$2,843/mo
Lowest payment- Down payment
- $38,990
- Funds due
- $48,283
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,239 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,616.85 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | $182.48 | $70.18 |
| Taxes, insurance & HOA | $396.00 | $396.00 |
| Total housing payment | $3,195.34 | $2,843.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,661
Closing costs & prepaids$11,519
Usable credit−$0
Total buyer cash needed$14,180
Earnest money paid−$0
Remaining funds due$14,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$656.93
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 6 moOf the original 30-year loan at 6.88%
Interest already paid$67,601Through Dec 2026
Assumption only · ends Jun 2054$516,442
New conventional · ends Jan 2057$513,088