Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,919/mo
+$291/mo- Down payment
- $12,445
- Funds due
- $23,417
- Interest + MI left
- $417,472
- First ends
- Jan 2054
New loan
New conventional
$2,628/mo
Lowest payment- Down payment
- $29,750
- Funds due
- $38,619
- Interest + MI left
- $406,061
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,055 | $267,750 |
| Second mortgage | — | — |
| First P&I | $2,063.90 | $1,853.85 |
| Second P&I | — | — |
| Mortgage insurance | $134.37 | $53.55 |
| Taxes, insurance & HOA | $720.83 | $720.83 |
| Total housing payment | $2,919.10 | $2,628.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,445
Closing costs & prepaids$10,972
Usable credit−$0
Total buyer cash needed$23,417
Earnest money paid−$0
Remaining funds due$23,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,975.00
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)$1,043.50
Initial HOA (3 months)$669.00
Prepaid interest, first (1 days)$59.12
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 7.570%
Interest already paid$62,065Through Nov 2026
Assumption only · ends Jan 2054$417,472
New conventional · ends Dec 2056$406,061