Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
+$5/mo- Down payment
- $37,745
- Funds due
- $48,399
- Interest + MI left
- $471,439
- First ends
- Sep 2054
New loan
New conventional
$2,820/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $47,965
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,255 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,369.56 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | $167.79 | $71.10 |
| Taxes, insurance & HOA | $287.75 | $287.75 |
| Total housing payment | $2,825.10 | $2,820.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,745
Closing costs & prepaids$10,654
Usable credit−$0
Total buyer cash needed$48,399
Earnest money paid−$0
Remaining funds due$48,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$8.25
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$65.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.730%
Interest already paid$52,778Through Nov 2026
Assumption only · ends Sep 2054$471,439
New conventional · ends Dec 2056$539,140