Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,896/mo
+$81/mo- Down payment
- $28,168
- Funds due
- $39,362
- Interest + MI left
- $411,670
- First ends
- May 2054
New loan
New conventional
$2,815/mo
Lowest payment- Down payment
- $33,385
- Funds due
- $42,449
- Interest + MI left
- $455,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,682 | $300,465 |
| Second mortgage | — | — |
| First P&I | $2,077.69 | $2,080.36 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $60.09 |
| Taxes, insurance & HOA | $674.33 | $674.33 |
| Total housing payment | $2,896.03 | $2,814.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,168
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$39,362
Earnest money paid−$0
Remaining funds due$39,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,338.50
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)$940.00
Initial HOA (3 months)$633.00
Prepaid interest, first (1 days)$58.12
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 6 moOf the original 30-year loan at 6.940%
Interest already paid$53,820Through Nov 2026
Assumption only · ends May 2054$411,670
New conventional · ends Dec 2056$455,675