Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
+$125/mo- Down payment
- $32,681
- Funds due
- $43,545
- Interest + MI left
- $483,027
- First ends
- Feb 2054
New loan
New conventional
$2,851/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $47,679
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,319 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,457.11 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | $168.76 | $70.20 |
| Taxes, insurance & HOA | $350.50 | $350.50 |
| Total housing payment | $2,976.38 | $2,850.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,681
Closing costs & prepaids$10,864
Usable credit−$0
Total buyer cash needed$43,545
Earnest money paid−$0
Remaining funds due$43,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$589.00
Initial HOA (3 months)$12.51
Prepaid interest, first (2 days)$137.64
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 7.030%
Interest already paid$70,197Through Nov 2026
Assumption only · ends Feb 2054$483,027
New conventional · ends Dec 2056$532,315