Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,021/mo
+$45/mo- Down payment
- $7,311
- Funds due
- $19,076
- Interest + MI left
- $385,784
- First ends
- Nov 2054
New loan
New conventional
$2,976/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $42,646
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,689 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,009.42 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $151.66 | $59.40 |
| Taxes, insurance & HOA | $860.33 | $860.33 |
| Total housing payment | $3,021.41 | $2,976.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,311
Closing costs & prepaids$11,764
Usable credit−$0
Total buyer cash needed$19,076
Earnest money paid−$0
Remaining funds due$19,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,981.00
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$108.21
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 6.120%
Interest already paid$40,030Through Nov 2026
Assumption only · ends Nov 2054$385,784
New conventional · ends Dec 2056$450,420