Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,198/mo
+$77/mo- Down payment
- $38,976
- Funds due
- $50,922
- Interest + MI left
- $503,859
- First ends
- Apr 2054
New loan
New conventional
$3,121/mo
Lowest payment- Down payment
- $43,490
- Funds due
- $53,245
- Interest + MI left
- $572,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,924 | $391,410 |
| Second mortgage | — | — |
| First P&I | $2,619.50 | $2,651.55 |
| Second P&I | — | — |
| Mortgage insurance | $187.21 | $78.28 |
| Taxes, insurance & HOA | $391.00 | $391.00 |
| Total housing payment | $3,197.71 | $3,120.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,976
Closing costs & prepaids$11,945
Usable credit−$0
Total buyer cash needed$50,922
Earnest money paid−$0
Remaining funds due$50,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.00
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)$201.00
Prepaid interest, first (9 days)$648.23
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$71,283Through Dec 2026
Assumption only · ends Apr 2054$503,859
New conventional · ends Jan 2057$572,306