Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,473/mo
+$109/mo- Down payment
- $29,528
- Funds due
- $40,078
- Interest + MI left
- $394,265
- First ends
- Jul 2054
New loan
New conventional
$2,364/mo
Lowest payment- Down payment
- $31,890
- Funds due
- $40,331
- Interest + MI left
- $419,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,372 | $287,010 |
| Second mortgage | — | — |
| First P&I | $1,974.33 | $1,944.31 |
| Second P&I | — | — |
| Mortgage insurance | $136.15 | $57.40 |
| Taxes, insurance & HOA | $362.58 | $362.58 |
| Total housing payment | $2,473.06 | $2,364.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,528
Closing costs & prepaids$10,551
Usable credit−$0
Total buyer cash needed$40,078
Earnest money paid−$0
Remaining funds due$40,078
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,189.00
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)$382.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$498.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.99%
Interest already paid$49,572Through Dec 2026
Assumption only · ends Jul 2054$394,265
New conventional · ends Jan 2057$419,656