Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,306/mo
+$141/mo- Down payment
- $21,769
- Funds due
- $33,822
- Interest + MI left
- $531,811
- First ends
- Nov 2054
New loan
New conventional
$3,165/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,845
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,231 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,706.18 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | $196.44 | $79.20 |
| Taxes, insurance & HOA | $403.00 | $403.00 |
| Total housing payment | $3,305.62 | $3,164.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,769
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$33,822
Earnest money paid−$0
Remaining funds due$33,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$669.28
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$57,293Through Dec 2026
Assumption only · ends Nov 2054$531,811
New conventional · ends Jan 2057$579,017