Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,674/mo
+$351/mo- Down payment
- $3,176
- Funds due
- $15,556
- Interest + MI left
- $581,363
- First ends
- Apr 2054
New loan
New conventional
$3,323/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $56,111
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $456,824 | $414,000 |
| Second mortgage | — | — |
| First P&I | $3,022.43 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | $216.01 | $82.80 |
| Taxes, insurance & HOA | $435.67 | $435.67 |
| Total housing payment | $3,674.11 | $3,323.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,176
Closing costs & prepaids$12,381
Usable credit−$0
Total buyer cash needed$15,556
Earnest money paid−$0
Remaining funds due$15,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$255.00
Prepaid interest, first (6 days)$498.63
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$82,247Through Dec 2026
Assumption only · ends Apr 2054$581,363
New conventional · ends Jan 2057$605,336