Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,149/mo
Lowest payment- Down payment
- $30,142
- Funds due
- $39,859
- Interest + MI left
- $344,846
- First ends
- Dec 2054
New loan
New conventional
$2,202/mo
+$53/mo- Down payment
- $29,900
- Funds due
- $37,531
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $268,858 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,737.73 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | $126.01 | $53.82 |
| Taxes, insurance & HOA | $285.25 | $285.25 |
| Total housing payment | $2,148.99 | $2,202.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,142
Closing costs & prepaids$9,717
Usable credit−$0
Total buyer cash needed$39,859
Earnest money paid−$0
Remaining funds due$39,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$165.75
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$95.76
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 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$33,898Through Nov 2026
Assumption only · ends Dec 2054$344,846
New conventional · ends Dec 2056$408,108