Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,817/mo
+$253/mo- Down payment
- $1,358
- Funds due
- $11,977
- Interest + MI left
- $429,118
- First ends
- Sep 2054
New loan
New conventional
$2,564/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $40,002
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,642 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,125.36 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $147.16 | $56.70 |
| Taxes, insurance & HOA | $544.75 | $544.75 |
| Total housing payment | $2,817.27 | $2,564.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,358
Closing costs & prepaids$10,619
Usable credit−$0
Total buyer cash needed$11,977
Earnest money paid−$0
Remaining funds due$11,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$1,034.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$59.72
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$47,825Through Nov 2026
Assumption only · ends Sep 2054$429,118
New conventional · ends Dec 2056$429,947