Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
+$375/mo- Down payment
- $8,224
- Funds due
- $20,842
- Interest + MI left
- $566,667
- First ends
- Aug 2054
New loan
New conventional
$3,279/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $52,353
- Interest + MI left
- $552,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,776 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,817.49 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $75.60 |
| Taxes, insurance & HOA | $643.00 | $643.00 |
| Total housing payment | $3,654.01 | $3,279.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,224
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$20,842
Earnest money paid−$0
Remaining funds due$20,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$975.00
Prepaid interest, first (9 days)$713.78
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 8 moOf the original 30-year loan at 7.03%
Interest already paid$68,455Through Dec 2026
Assumption only · ends Aug 2054$566,667
New conventional · ends Jan 2057$552,699