Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,394/mo
+$473/mo- Down payment
- $2,392
- Funds due
- $13,935
- Interest + MI left
- $510,686
- First ends
- Jan 2054
New loan
New conventional
$2,921/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $43,373
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,508 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,493.46 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $158.91 | $61.18 |
| Taxes, insurance & HOA | $741.50 | $741.50 |
| Total housing payment | $3,393.86 | $2,920.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,392
Closing costs & prepaids$11,543
Usable credit−$0
Total buyer cash needed$13,935
Earnest money paid−$0
Remaining funds due$13,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$1,749.50
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$144.06
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 2 moOf the original 30-year loan at 7.790%
Interest already paid$75,576Through Nov 2026
Assumption only · ends Jan 2054$510,686
New conventional · ends Dec 2056$463,933