Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,006/mo
+$43/mo- Down payment
- $26,599
- Funds due
- $38,155
- Interest + MI left
- $397,776
- First ends
- Jan 2054
New loan
New conventional
$2,964/mo
Lowest payment- Down payment
- $34,299
- Funds due
- $43,717
- Interest + MI left
- $468,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,391 | $308,691 |
| Second mortgage | — | — |
| First P&I | $2,091.75 | $2,137.31 |
| Second P&I | — | — |
| Mortgage insurance | $149.96 | $61.74 |
| Taxes, insurance & HOA | $764.50 | $764.50 |
| Total housing payment | $3,006.21 | $2,963.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,599
Closing costs & prepaids$11,556
Usable credit−$0
Total buyer cash needed$38,155
Earnest money paid−$0
Remaining funds due$38,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,429.90
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)$1,324.50
Initial HOA (3 months)$519.00
Prepaid interest, first (1 days)$57.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.610%
Interest already paid$60,327Through Nov 2026
Assumption only · ends Jan 2054$397,776
New conventional · ends Dec 2056$468,151