Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,783/mo
Lowest payment- Down payment
- $4,342
- Funds due
- $15,657
- Interest + MI left
- $350,561
- First ends
- Sep 2054
New loan
New conventional
$3,090/mo
+$307/mo- Down payment
- $41,500
- Funds due
- $50,650
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $410,658 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,158.21 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $195.23 | $74.70 |
| Taxes, insurance & HOA | $429.67 | $429.67 |
| Total housing payment | $2,783.10 | $3,090.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,342
Closing costs & prepaids$11,315
Usable credit−$0
Total buyer cash needed$15,657
Earnest money paid−$0
Remaining funds due$15,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$614.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$101.26
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 10 moOf the original 30-year loan at 4.500%
Interest already paid$40,825Through Nov 2026
Assumption only · ends Sep 2054$350,561
New conventional · ends Dec 2056$566,438