Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,337/mo
+$224/mo- Down payment
- $29,642
- Funds due
- $41,338
- Interest + MI left
- $550,674
- First ends
- May 2054
New loan
New conventional
$3,113/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,455
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,358 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,791.99 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $79.20 |
| Taxes, insurance & HOA | $351.00 | $351.00 |
| Total housing payment | $3,336.50 | $3,112.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,642
Closing costs & prepaids$11,696
Usable credit−$0
Total buyer cash needed$41,338
Earnest money paid−$0
Remaining funds due$41,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$468.15
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$74,699Through Dec 2026
Assumption only · ends May 2054$550,674
New conventional · ends Jan 2057$579,017