Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,311/mo
+$13/mo- Down payment
- $30,109
- Funds due
- $40,154
- Interest + MI left
- $349,817
- First ends
- May 2054
New loan
New conventional
$2,298/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $37,458
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,891 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,779.70 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $124.87 | $53.10 |
| Taxes, insurance & HOA | $406.92 | $406.92 |
| Total housing payment | $2,311.49 | $2,298.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,109
Closing costs & prepaids$10,045
Usable credit−$0
Total buyer cash needed$40,154
Earnest money paid−$0
Remaining funds due$40,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$425.75
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$98.99
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 6 moOf the original 30-year loan at 6.820%
Interest already paid$45,847Through Nov 2026
Assumption only · ends May 2054$349,817
New conventional · ends Dec 2056$402,649