Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
+$42/mo- Down payment
- $21,286
- Funds due
- $32,001
- Interest + MI left
- $341,390
- First ends
- Sep 2054
New loan
New conventional
$2,493/mo
Lowest payment- Down payment
- $27,999
- Funds due
- $36,637
- Interest + MI left
- $382,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $258,704 | $251,991 |
| Second mortgage | — | — |
| First P&I | $1,715.90 | $1,744.73 |
| Second P&I | — | — |
| Mortgage insurance | $121.50 | $50.40 |
| Taxes, insurance & HOA | $697.50 | $697.50 |
| Total housing payment | $2,534.91 | $2,492.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,286
Closing costs & prepaids$10,715
Usable credit−$0
Total buyer cash needed$32,001
Earnest money paid−$0
Remaining funds due$32,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.90
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)$1,582.50
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$47.70
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 10 moOf the original 30-year loan at 6.730%
Interest already paid$38,219Through Nov 2026
Assumption only · ends Sep 2054$341,390
New conventional · ends Dec 2056$382,161