Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
+$139/mo- Down payment
- $23,767
- Funds due
- $35,799
- Interest + MI left
- $422,950
- First ends
- Apr 2054
New loan
New conventional
$3,035/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $45,384
- Interest + MI left
- $461,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,233 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,195.77 | $2,149.30 |
| Second P&I | — | — |
| Mortgage insurance | $156.61 | $63.90 |
| Taxes, insurance & HOA | $821.75 | $821.75 |
| Total housing payment | $3,174.12 | $3,034.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,767
Closing costs & prepaids$12,032
Usable credit−$0
Total buyer cash needed$35,799
Earnest money paid−$0
Remaining funds due$35,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$905.25
Initial HOA (3 months)$1,110.00
Prepaid interest, first (4 days)$241.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$59,812Through Dec 2026
Assumption only · ends Apr 2054$422,950
New conventional · ends Jan 2057$461,723