Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
+$121/mo- Down payment
- $24,578
- Funds due
- $35,373
- Interest + MI left
- $389,953
- First ends
- Sep 2054
New loan
New conventional
$2,428/mo
Lowest payment- Down payment
- $31,200
- Funds due
- $39,890
- Interest + MI left
- $410,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,422 | $280,800 |
| Second mortgage | — | — |
| First P&I | $1,943.95 | $1,902.24 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $56.16 |
| Taxes, insurance & HOA | $469.83 | $469.83 |
| Total housing payment | $2,548.80 | $2,428.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,578
Closing costs & prepaids$10,795
Usable credit−$0
Total buyer cash needed$35,373
Earnest money paid−$0
Remaining funds due$35,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$374.50
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$490.43
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$45,343Through Dec 2026
Assumption only · ends Sep 2054$389,953
New conventional · ends Jan 2057$410,576