Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,289/mo
+$127/mo- Down payment
- $30,777
- Funds due
- $42,007
- Interest + MI left
- $559,395
- First ends
- Sep 2054
New loan
New conventional
$3,162/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $53,488
- Interest + MI left
- $607,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,223 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,785.23 | $2,772.98 |
| Second P&I | — | — |
| Mortgage insurance | $194.42 | $80.10 |
| Taxes, insurance & HOA | $309.08 | $309.08 |
| Total housing payment | $3,288.73 | $3,162.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,777
Closing costs & prepaids$11,230
Usable credit−$0
Total buyer cash needed$42,007
Earnest money paid−$0
Remaining funds due$42,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$327.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$77.96
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 6.870%
Interest already paid$62,446Through Nov 2026
Assumption only · ends Sep 2054$559,395
New conventional · ends Dec 2056$607,385