Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,322/mo
+$217/mo- Down payment
- $25,843
- Funds due
- $38,021
- Interest + MI left
- $496,635
- First ends
- Aug 2054
New loan
New conventional
$3,106/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $48,484
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,157 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,464.55 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $168.76 | $69.30 |
| Taxes, insurance & HOA | $689.00 | $689.00 |
| Total housing payment | $3,322.31 | $3,105.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,843
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$38,021
Earnest money paid−$0
Remaining funds due$38,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (7 days)$486.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7.06%
Interest already paid$59,958Through Dec 2026
Assumption only · ends Aug 2054$496,635
New conventional · ends Jan 2057$506,640