Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,542/mo
+$226/mo- Down payment
- $23,280
- Funds due
- $33,302
- Interest + MI left
- $415,689
- First ends
- Jan 2054
New loan
New conventional
$2,315/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,410
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,720 | $274,500 |
| Second mortgage | — | — |
| First P&I | $2,049.17 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $54.90 |
| Taxes, insurance & HOA | $359.67 | $359.67 |
| Total housing payment | $2,541.60 | $2,315.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,280
Closing costs & prepaids$10,022
Usable credit−$0
Total buyer cash needed$33,302
Earnest money paid−$0
Remaining funds due$33,302
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$209.00
Initial HOA (3 months)$420.00
Prepaid interest, first (2 days)$117.63
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$61,736Through Nov 2026
Assumption only · ends Jan 2054$415,689
New conventional · ends Dec 2056$416,298