Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,818/mo
+$121/mo- Down payment
- $20,008
- Funds due
- $31,041
- Interest + MI left
- $406,970
- First ends
- Aug 2054
New loan
New conventional
$2,697/mo
Lowest payment- Down payment
- $31,900
- Funds due
- $40,817
- Interest + MI left
- $435,406
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,992 | $287,100 |
| Second mortgage | — | — |
| First P&I | $2,026.12 | $1,987.82 |
| Second P&I | — | — |
| Mortgage insurance | $140.43 | $57.42 |
| Taxes, insurance & HOA | $651.42 | $651.42 |
| Total housing payment | $2,817.97 | $2,696.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,008
Closing costs & prepaids$11,033
Usable credit−$0
Total buyer cash needed$31,041
Earnest money paid−$0
Remaining funds due$31,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$1,054.25
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$113.70
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 9 moOf the original 30-year loan at 6.940%
Interest already paid$47,302Through Nov 2026
Assumption only · ends Aug 2054$406,970
New conventional · ends Dec 2056$435,406