Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,982/mo
+$244/mo- Down payment
- $22,086
- Funds due
- $33,000
- Interest + MI left
- $456,528
- First ends
- Jan 2054
New loan
New conventional
$2,738/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,772
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,914 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,274.29 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $149.96 | $61.20 |
| Taxes, insurance & HOA | $558.17 | $558.17 |
| Total housing payment | $2,982.42 | $2,738.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,086
Closing costs & prepaids$10,914
Usable credit−$0
Total buyer cash needed$33,000
Earnest money paid−$0
Remaining funds due$33,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$705.50
Initial HOA (3 months)$519.00
Prepaid interest, first (1 days)$64.80
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 7.440%
Interest already paid$68,056Through Nov 2026
Assumption only · ends Jan 2054$456,528
New conventional · ends Dec 2056$464,070