Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,017/mo
+$23/mo- Down payment
- $20,330
- Funds due
- $31,750
- Interest + MI left
- $441,709
- First ends
- Nov 2054
New loan
New conventional
$2,995/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,758
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,670 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,260.57 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $67.50 |
| Taxes, insurance & HOA | $590.34 | $590.34 |
| Total housing payment | $3,017.42 | $2,994.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,330
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$31,750
Earnest money paid−$0
Remaining funds due$31,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,267.25
Initial HOA (3 months)$53.76
Prepaid interest, first (2 days)$123.41
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 closing28 yrOf the original 30-year loan at 6.350%
Interest already paid$45,625Through Nov 2026
Assumption only · ends Nov 2054$441,709
New conventional · ends Dec 2056$511,841