Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,600/mo
+$25/mo- Down payment
- $27,160
- Funds due
- $37,713
- Interest + MI left
- $380,384
- First ends
- Apr 2054
New loan
New conventional
$2,575/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,933
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,840 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,968.44 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $140.68 | $58.50 |
| Taxes, insurance & HOA | $491.25 | $491.25 |
| Total housing payment | $2,600.38 | $2,574.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,160
Closing costs & prepaids$10,553
Usable credit−$0
Total buyer cash needed$37,713
Earnest money paid−$0
Remaining funds due$37,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$823.75
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$54.18
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$51,918Through Nov 2026
Assumption only · ends Apr 2054$380,384
New conventional · ends Dec 2056$443,596