Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
+$178/mo- Down payment
- $24,107
- Funds due
- $35,319
- Interest + MI left
- $472,703
- First ends
- Mar 2054
New loan
New conventional
$2,822/mo
Lowest payment- Down payment
- $38,889
- Funds due
- $47,919
- Interest + MI left
- $511,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,781 | $349,999 |
| Second mortgage | — | — |
| First P&I | $2,446.69 | $2,371.02 |
| Second P&I | — | — |
| Mortgage insurance | $172.54 | $70.00 |
| Taxes, insurance & HOA | $380.58 | $380.58 |
| Total housing payment | $2,999.81 | $2,821.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,107
Closing costs & prepaids$11,212
Usable credit−$0
Total buyer cash needed$35,319
Earnest money paid−$0
Remaining funds due$35,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,888.88
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)$466.75
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$405.96
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 3 moOf the original 30-year loan at 6.77%
Interest already paid$69,066Through Dec 2026
Assumption only · ends Mar 2054$472,703
New conventional · ends Jan 2057$511,756