Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,788/mo
+$84/mo- Down payment
- $17,198
- Funds due
- $28,331
- Interest + MI left
- $375,276
- First ends
- May 2054
New loan
New conventional
$2,704/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $40,029
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,802 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,933.07 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $138.15 | $55.80 |
| Taxes, insurance & HOA | $716.92 | $716.92 |
| Total housing payment | $2,788.15 | $2,704.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,198
Closing costs & prepaids$11,132
Usable credit−$0
Total buyer cash needed$28,331
Earnest money paid−$0
Remaining funds due$28,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$1,673.75
Initial HOA (3 months)$27.00
Prepaid interest, first (2 days)$106.53
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$49,365Through Nov 2026
Assumption only · ends May 2054$375,276
New conventional · ends Dec 2056$423,122