Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,312/mo
+$170/mo- Down payment
- $20,228
- Funds due
- $32,402
- Interest + MI left
- $459,391
- First ends
- Apr 2054
New loan
New conventional
$3,142/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $48,002
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,772 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,384.96 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | $170.10 | $68.40 |
| Taxes, insurance & HOA | $757.00 | $757.00 |
| Total housing payment | $3,312.06 | $3,142.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,228
Closing costs & prepaids$12,174
Usable credit−$0
Total buyer cash needed$32,402
Earnest money paid−$0
Remaining funds due$32,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$969.00
Initial HOA (3 months)$852.00
Prepaid interest, first (5 days)$328.23
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$64,965Through Dec 2026
Assumption only · ends Apr 2054$459,391
New conventional · ends Jan 2057$500,061