Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
+$71/mo- Down payment
- $23,258
- Funds due
- $33,226
- Interest + MI left
- $380,470
- First ends
- Sep 2054
New loan
New conventional
$2,301/mo
Lowest payment- Down payment
- $30,499
- Funds due
- $38,368
- Interest + MI left
- $416,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,732 | $274,491 |
| Second mortgage | — | — |
| First P&I | $1,894.36 | $1,900.52 |
| Second P&I | — | — |
| Mortgage insurance | $132.24 | $54.90 |
| Taxes, insurance & HOA | $345.83 | $345.83 |
| Total housing payment | $2,372.43 | $2,301.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,258
Closing costs & prepaids$9,968
Usable credit−$0
Total buyer cash needed$33,226
Earnest money paid−$0
Remaining funds due$33,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.90
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)$299.50
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$106.05
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$42,472Through Nov 2026
Assumption only · ends Sep 2054$380,470
New conventional · ends Dec 2056$416,284