Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,757/mo
+$48/mo- Down payment
- $27,912
- Funds due
- $38,687
- Interest + MI left
- $423,408
- First ends
- Oct 2054
New loan
New conventional
$2,709/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,133
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,088 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,111.33 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $148.74 | $62.10 |
| Taxes, insurance & HOA | $496.83 | $496.83 |
| Total housing payment | $2,756.90 | $2,708.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,912
Closing costs & prepaids$10,774
Usable credit−$0
Total buyer cash needed$38,687
Earnest money paid−$0
Remaining funds due$38,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$985.50
Initial HOA (3 months)$54.99
Prepaid interest, first (1 days)$58.90
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$45,347Through Nov 2026
Assumption only · ends Oct 2054$423,408
New conventional · ends Dec 2056$470,894