Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,520/mo
+$81/mo- Down payment
- $13,364
- Funds due
- $23,522
- Interest + MI left
- $404,600
- First ends
- Nov 2054
New loan
New conventional
$2,439/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,026
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,536 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,048.04 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $59.38 |
| Taxes, insurance & HOA | $323.92 | $323.92 |
| Total housing payment | $2,520.47 | $2,439.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,364
Closing costs & prepaids$10,158
Usable credit−$0
Total buyer cash needed$23,522
Earnest money paid−$0
Remaining funds due$23,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$228.75
Initial HOA (3 months)$293.01
Prepaid interest, first (2 days)$112.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$41,667Through Nov 2026
Assumption only · ends Nov 2054$404,600
New conventional · ends Dec 2056$450,284