Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,888/mo
+$42/mo- Down payment
- $17,733
- Funds due
- $29,196
- Interest + MI left
- $383,034
- First ends
- Oct 2054
New loan
New conventional
$2,845/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $41,353
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,267 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,951.94 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $141.98 | $57.60 |
| Taxes, insurance & HOA | $793.67 | $793.67 |
| Total housing payment | $2,887.59 | $2,845.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,733
Closing costs & prepaids$11,463
Usable credit−$0
Total buyer cash needed$29,196
Earnest money paid−$0
Remaining funds due$29,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$800.00
Initial HOA (3 months)$1,131.00
Prepaid interest, first (2 days)$107.16
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 11 moOf the original 30-year loan at 6.470%
Interest already paid$41,281Through Nov 2026
Assumption only · ends Oct 2054$383,034
New conventional · ends Dec 2056$436,771