Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,153/mo
+$273/mo- Down payment
- $6,815
- Funds due
- $18,380
- Interest + MI left
- $463,989
- First ends
- Jun 2054
New loan
New conventional
$2,880/mo
Lowest payment- Down payment
- $35,990
- Funds due
- $45,385
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,085 | $323,910 |
| Second mortgage | — | — |
| First P&I | $2,365.37 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $64.78 |
| Taxes, insurance & HOA | $620.92 | $620.92 |
| Total housing payment | $3,152.75 | $2,879.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,815
Closing costs & prepaids$11,565
Usable credit−$0
Total buyer cash needed$18,380
Earnest money paid−$0
Remaining funds due$18,380
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$917.75
Initial HOA (3 months)$495.00
Prepaid interest, first (5 days)$328.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 6.79%
Interest already paid$60,847Through Dec 2026
Assumption only · ends Jun 2054$463,989
New conventional · ends Jan 2057$473,610