Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,028/mo
+$285/mo- Down payment
- $21,316
- Funds due
- $32,268
- Interest + MI left
- $466,542
- First ends
- Jan 2054
New loan
New conventional
$2,743/mo
Lowest payment- Down payment
- $33,750
- Funds due
- $42,561
- Interest + MI left
- $460,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,184 | $303,750 |
| Second mortgage | — | — |
| First P&I | $2,299.86 | $2,103.10 |
| Second P&I | — | — |
| Mortgage insurance | $149.00 | $60.75 |
| Taxes, insurance & HOA | $578.83 | $578.83 |
| Total housing payment | $3,027.69 | $2,742.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,316
Closing costs & prepaids$10,953
Usable credit−$0
Total buyer cash needed$32,268
Earnest money paid−$0
Remaining funds due$32,268
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,375.00
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)$530.50
Initial HOA (3 months)$756.00
Prepaid interest, first (1 days)$66.01
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$69,288Through Nov 2026
Assumption only · ends Jan 2054$466,542
New conventional · ends Dec 2056$460,657