Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,451/mo
+$131/mo- Down payment
- $5,880
- Funds due
- $15,862
- Interest + MI left
- $391,400
- First ends
- Nov 2054
New loan
New conventional
$2,320/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,876
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,120 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,975.56 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $142.66 | $55.80 |
| Taxes, insurance & HOA | $332.67 | $332.67 |
| Total housing payment | $2,450.88 | $2,320.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,880
Closing costs & prepaids$9,982
Usable credit−$0
Total buyer cash needed$15,862
Earnest money paid−$0
Remaining funds due$15,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$218.00
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$108.98
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 6.540%
Interest already paid$40,275Through Nov 2026
Assumption only · ends Nov 2054$391,400
New conventional · ends Dec 2056$423,122