Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,370/mo
+$121/mo- Down payment
- $40,021
- Funds due
- $52,148
- Interest + MI left
- $550,982
- First ends
- Jun 2054
New loan
New conventional
$3,248/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,887
- Interest + MI left
- $605,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,978 | $413,999 |
| Second mortgage | — | — |
| First P&I | $2,810.76 | $2,804.57 |
| Second P&I | — | — |
| Mortgage insurance | $198.01 | $82.80 |
| Taxes, insurance & HOA | $361.09 | $361.09 |
| Total housing payment | $3,369.86 | $3,248.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,021
Closing costs & prepaids$12,126
Usable credit−$0
Total buyer cash needed$52,148
Earnest money paid−$0
Remaining funds due$52,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.99
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$31.26
Prepaid interest, first (6 days)$468.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.78%
Interest already paid$72,270Through Dec 2026
Assumption only · ends Jun 2054$550,982
New conventional · ends Jan 2057$605,335