Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,592/mo
+$132/mo- Down payment
- $41,353
- Funds due
- $54,210
- Interest + MI left
- $572,127
- First ends
- May 2054
New loan
New conventional
$3,460/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $58,509
- Interest + MI left
- $630,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,647 | $431,100 |
| Second mortgage | — | — |
| First P&I | $2,932.07 | $2,920.42 |
| Second P&I | — | — |
| Mortgage insurance | $206.56 | $86.22 |
| Taxes, insurance & HOA | $453.25 | $453.25 |
| Total housing payment | $3,591.88 | $3,459.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,353
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$54,210
Earnest money paid−$0
Remaining funds due$54,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$731.65
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 5 moOf the original 30-year loan at 6.78%
Interest already paid$77,865Through Dec 2026
Assumption only · ends May 2054$572,127
New conventional · ends Jan 2057$630,340