Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,248/mo
+$280/mo- Down payment
- $18,470
- Funds due
- $30,061
- Interest + MI left
- $476,364
- First ends
- Feb 2054
New loan
New conventional
$2,968/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $44,334
- Interest + MI left
- $476,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,530 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,362.30 | $2,174.76 |
| Second P&I | — | — |
| Mortgage insurance | $155.76 | $62.82 |
| Taxes, insurance & HOA | $730.33 | $730.33 |
| Total housing payment | $3,248.39 | $2,967.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,470
Closing costs & prepaids$11,591
Usable credit−$0
Total buyer cash needed$30,061
Earnest money paid−$0
Remaining funds due$30,061
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$646.00
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$134.75
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 closing27 yr 3 moOf the original 30-year loan at 7.440%
Interest already paid$68,641Through Nov 2026
Assumption only · ends Feb 2054$476,364
New conventional · ends Dec 2056$476,354