Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,910/mo
+$130/mo- Down payment
- $16,821
- Funds due
- $28,192
- Interest + MI left
- $397,811
- First ends
- Sep 2054
New loan
New conventional
$2,779/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $40,164
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,179 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,974.17 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | $137.11 | $55.62 |
| Taxes, insurance & HOA | $798.33 | $798.33 |
| Total housing payment | $2,909.61 | $2,779.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,821
Closing costs & prepaids$11,371
Usable credit−$0
Total buyer cash needed$28,192
Earnest money paid−$0
Remaining funds due$28,192
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$1,600.00
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$110.79
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$44,363Through Nov 2026
Assumption only · ends Sep 2054$397,811
New conventional · ends Dec 2056$421,757