Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
+$18/mo- Down payment
- $38,550
- Funds due
- $49,815
- Interest + MI left
- $506,195
- First ends
- Apr 2054
New loan
New conventional
$3,145/mo
Lowest payment- Down payment
- $43,490
- Funds due
- $52,527
- Interest + MI left
- $593,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,350 | $391,410 |
| Second mortgage | — | — |
| First P&I | $2,619.50 | $2,710.04 |
| Second P&I | — | — |
| Mortgage insurance | $187.21 | $78.28 |
| Taxes, insurance & HOA | $356.25 | $356.25 |
| Total housing payment | $3,162.96 | $3,144.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,550
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$49,815
Earnest money paid−$0
Remaining funds due$49,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.00
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)$417.75
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$72.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.640%
Interest already paid$69,089Through Nov 2026
Assumption only · ends Apr 2054$506,195
New conventional · ends Dec 2056$593,600