Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,034/mo
+$84/mo- Down payment
- $36,218
- Funds due
- $47,911
- Interest + MI left
- $460,339
- First ends
- Jan 2054
New loan
New conventional
$2,951/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,532
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,782 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,421.75 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | $172.55 | $72.00 |
| Taxes, insurance & HOA | $440.00 | $440.00 |
| Total housing payment | $3,034.30 | $2,950.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,218
Closing costs & prepaids$11,693
Usable credit−$0
Total buyer cash needed$47,911
Earnest money paid−$0
Remaining funds due$47,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$598.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.67%
Interest already paid$72,079Through Dec 2026
Assumption only · ends Jan 2054$460,339
New conventional · ends Jan 2057$526,380