Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
+$86/mo- Down payment
- $22,959
- Funds due
- $33,360
- Interest + MI left
- $332,846
- First ends
- Jun 2054
New loan
New conventional
$2,210/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $35,840
- Interest + MI left
- $361,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $252,040 | $247,499 |
| Second mortgage | — | — |
| First P&I | $1,693.36 | $1,676.64 |
| Second P&I | — | — |
| Mortgage insurance | $118.81 | $49.50 |
| Taxes, insurance & HOA | $484.00 | $484.00 |
| Total housing payment | $2,296.17 | $2,210.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,959
Closing costs & prepaids$10,401
Usable credit−$0
Total buyer cash needed$33,360
Earnest money paid−$0
Remaining funds due$33,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.99
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)$330.00
Initial HOA (3 months)$672.00
Prepaid interest, first (9 days)$423.84
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$43,622Through Dec 2026
Assumption only · ends Jun 2054$332,846
New conventional · ends Jan 2057$361,884