Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,114/mo
Lowest payment- Down payment
- $25,444
- Funds due
- $36,269
- Interest + MI left
- $194,035
- First ends
- Nov 2054
New loan
New conventional
$2,530/mo
+$416/mo- Down payment
- $28,100
- Funds due
- $36,891
- Interest + MI left
- $383,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,556 | $252,900 |
| Second mortgage | — | — |
| First P&I | $1,264.10 | $1,751.03 |
| Second P&I | — | — |
| Mortgage insurance | $121.50 | $50.58 |
| Taxes, insurance & HOA | $728.08 | $728.08 |
| Total housing payment | $2,113.68 | $2,529.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,444
Closing costs & prepaids$10,825
Usable credit−$0
Total buyer cash needed$36,269
Earnest money paid−$0
Remaining funds due$36,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,810.00
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)$1,644.25
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$55.87
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 3.990%
Interest already paid$20,795Through Nov 2026
Assumption only · ends Nov 2054$194,035
New conventional · ends Dec 2056$383,540