Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,783/mo
+$540/mo- Down payment
- $0
- Funds due
- $12,171
- Interest + MI left
- $594,321
- First ends
- May 2054
New loan
New conventional
$3,243/mo
Lowest payment- Down payment
- $43,500
- Funds due
- $53,391
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,645 | $391,500 |
| Second mortgage | — | — |
| First P&I | $3,054.18 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | $216.05 | $78.30 |
| Taxes, insurance & HOA | $513.00 | $513.00 |
| Total housing payment | $3,783.23 | $3,243.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,171
Usable credit−$0
Total buyer cash needed$12,171
Earnest money paid−$0
Remaining funds due$12,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$567.00
Prepaid interest, first (6 days)$507.05
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 6.74%
Interest already paid$80,952Through Dec 2026
Assumption only · ends May 2054$594,321
New conventional · ends Jan 2057$572,438